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[ZEMEX LOGO]
NEWS RELEASE FOR
IMMEDIATE RELEASE
ZEMEX TO PURCHASE
BALL CLAY AND KAOLIN OPERATIONS
OF HECLA MINING COMPANY
TORONTO, CANADA -- NOVEMBER 20, 2000 -- ZEMEX CORPORATION (NYSE, TSE: ZMX) today
announced that it has agreed to purchase the ball clay and kaolin operations
("K-T Clay") of Hecla Mining Company (NYSE: HL) for US$68 million, subject to
closing adjustments. K-T Clay, a subsidiary of Hecla, has mining and processing
operations in the United States and Mexico, and is the largest producer of ball
clay in North America and a strong producer of air-floated kaolin. The total
sales of the combined kaolin and ball clay operations of K-T were US$51.6
million in 1999. The acquisition is subject to regulatory approval and is
scheduled to close in January 2001.
Richard Lister, President of Zemex Corporation, stated, "We are very excited
about this acquisition as it represents a major building block for our
industrial mineral business. K-T and our industrial mineral group supply
different products to virtually the same customer base. This combination makes
Zemex the largest supplier of all major raw materials to the sanitaryware and
tile industry, and further enhances our supply of products to the fiberglass,
plastic and coatings markets."
Management will be holding a conference call to discuss this acquisition on:
MONDAY NOVEMBER 20, 2000
AT 3:00 P.M. EASTERN TIME
2:00 p.m. Central Time, 1:00 p.m. Mountain Time and 12:00 p.m. Pacific Time
The dial-in numbers to access the call are:
U.S. DIAL-IN NUMBER: (888) 747-3510
INTERNATIONAL DIAL-IN NUMBER: (703) 871-3085
REPLAY INFORMATION:
U.S. Replay: (888)-266-2086; International Replay: (703) 871-3077
Pass Code for the replay: 4784997. The replay will be available for 7 days.
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Zemex Corporation is a diversified producer of industrial minerals and specialty
products and, through its Alumitech division, reprocesses aluminum drosses with
patented zero discharge technology. Zemex currently operates facilities across
the United States and Canada. Its products are used in a variety of commercial
applications and are sold throughout the United States, Canada and Europe.
For further information, please contact:
Richard L. Lister
President and Chief Executive Officer
(416) 365-5667
Allen J. Palmiere
Vice President, Chief Financial Officer
and Corporate Secretary
(416) 365-8091
This press release may contain "Forward-Looking Statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These forward
statements include statements regarding the intent, belief or current
expectation of the Corporation and members of its senior management team,
including, without limitation, expectations regarding prospective performance
and opportunities. Investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from those
contemplated by the Corporation.
