SECURITIES AND EXCHANGE COMMISSION
                       WASHINGTON, D.C.  20549
                               FORM 10-Q

                    
/X/       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
               OF THE SECURITIES EXCHANGE ACT OF 1934


           For the quarterly period ended June 28, 1998


                               OR


/ /       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
               OF THE SECURITIES EXCHANGE ACT OF 1934


                   COMMISSION FILE NUMBER 1-3295

                                 --

                     MINERALS TECHNOLOGIES INC.
     (Exact name of registrant as specified in its charter)


          DELAWARE                             25-1190717
(State or other jurisdiction of            (I.R.S. Employer
incorporation or organization)             Identification No.)


      405 Lexington Avenue, New York, New York 10174-1901
  (Address of principal executive offices, including zip code)


                       (212) 878-1800
       (Registrant's telephone number, including area code)



Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that registrant was required to
file such reports) and (2) has been subject to such filing
requirements for the past 90 days.


               YES      X               NO              
                   ----------              ----------


Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.


          CLASS                   OUTSTANDING AT July 24, 1998
Common Stock, $.10 par value                  22,268,312

                       


               MINERALS TECHNOLOGIES INC.

                   INDEX TO FORM 10-Q

                                                       Page No.
                                                       --------
PART I.  FINANCIAL INFORMATION
         ---------------------

Item 1.
- -------

Financial Statements:

Condensed Consolidated Statement of Income for 
the three-month and six-month periods ended 
June 28, 1998 and June 29, 1997                            3

Condensed Consolidated Balance Sheet as of 
June 28, 1998 and December 31, 1997                        4

Condensed Consolidated Statement of Cash Flows for 
the six-month periods ended June 28, 1998 and 
June 29, 1997                                              5

Notes to Condensed Consolidated Financial Statements       6

Independent Auditors' Report                               9


Item 2.
- -------

Management's Discussion and Analysis of Financial 
Condition and Results of Operations                       10


PART II.  OTHER INFORMATION
          -----------------
Item 1.
- -------

Legal Proceedings                                         13


Item 4.
- -------

Submission of Matters to a Vote of Security Holders       13


Item 6.
- -------

Exhibits and Reports on Form 8-K                          13


Signature                                                 14

                            Page 2




              PART I.  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

     MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
         CONDENSED CONSOLIDATED STATEMENT OF INCOME
                       (Unaudited)


                         Three Months Ended   Six Months Ended
                         ------------------   ----------------
(thousands of dollars,   June 28,  June 29,   June 28, June 29,
except per share data)     1998      1997      1998     1997
                           ----      ----      ----     ----
Net sales.............. $155,752  $151,765   $299,854 $289,391
Operating costs and 
expenses:
  Cost of goods sold...  107,256   107,400    206,529  204,501
  Marketing, 
  distribution and
  administrative 
    expenses...........   19,829    19,007     38,683   37,336
  Research and 
  development expenses.    5,282     5,179     10,159   10,224
                         -------   -------    -------  -------
Income from operations.   23,385    20,179     44,483   37,330
Non-operating deductions,
  net..................    2,517     1,619      3,826    3,088
                         -------   -------    -------  -------
Income before provision
  for taxes on income 
  and minority interests  20,868    18,560     40,657   34,242
Provision for taxes on 
  income...............    6,820     5,940     13,248   10,957
Minority interests.....     (609)      259        (49)     356
                         -------   -------    -------  -------
Net income.............  $14,657   $12,361    $27,458  $22,929
                         =======   =======    =======  =======
Earnings per share:

  Basic................  $  0.65   $  0.55    $  1.22  $  1.02
  Diluted..............  $  0.63   $  0.54    $  1.18  $  1.00

Cash dividends declared 
  per common share       $ 0.025   $ 0.025    $ 0.050  $ 0.050

Shares used in the computation of earnings per share:

  Basic................   22,464    22,563     22,505   22,575
  Diluted..............   23,203    23,036     23,208   23,036


See accompanying Notes to Condensed Consolidated Financial
Statements.


                             Page 3


    MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
         CONDENSED CONSOLIDATED BALANCE SHEET

                  ASSETS

     (thousands of dollars)            June 28,   December 31,
                                         1998*       1997**   
                                       --------     --------
Current assets:
  Cash and cash equivalents..........   $39,716      $41,525
  Accounts receivable, net...........   109,030      108,146
  Inventories........................    57,997       61,166
  Other current assets...............    11,212       15,745
                                        -------      -------
      Total current assets...........   217,955      226,582
Property, plant and equipment, 
  less accumulated depreciation 
  and depletion - June 28, 1998 -
  $355,285; Dec. 31, 1997 - $349,538    495,665      500,731
Other assets and deferred charges....    21,430       14,094
                                        -------      -------
      Total assets...................  $735,050     $741,407
                                        =======      =======

             LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
  Short-term debt....................  $ 13,471     $ 13,989
  Accounts payable...................    32,227       33,163
  Other current liabilities..........    45,791       47,066
                                        -------      -------
      Total current liabilities......    91,489       94,218
  Long-term debt.....................    88,323      101,571
  Other noncurrent liabilities.......    81,832       78,621
                                        -------      -------
      Total liabilities .............   261,644      274,410
                                        -------      -------
Shareholders' equity:
  Common stock.......................     2,550        2,537
  Additional paid-in capital.........   142,463      139,113
  Retained earnings..................   438,594      412,264
  Accumulated other comprehensive
   loss..............................   (20,907)     (14,344)
                                        -------      -------
                                        562,700      539,570
  Less treasury stock................    89,294       72,573
                                        -------      -------
   Total shareholders' equity.....      473,406      466,997
                                        -------      -------

   Total liabilities and 
     shareholders' equity.........     $735,050     $741,407
                                        =======      =======

*  Unaudited
** Condensed from audited financial statements.


See accompanying Notes to Condensed Consolidated Financial
Statements.

                          Page 4


       MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
         CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                          (Unaudited)
                                          Six Months Ended     
                                        --------------------
           (thousands of dollars)        June 28,    June 29,
                                           1998        1997
OPERATING ACTIVITIES
Net income.............................   $27,458    $22,929
Adjustments to reconcile net income
  to net cash provided by operating 
  activities:
     Depreciation, depletion and 
       amortization....................    26,588     25,860
     Other non-cash items..............     4,226        824
     Net changes in operating assets 
       and liabilities.................     5,223     (3,090)
                                           ------     ------
Net cash provided by operating 
  activities...........................    63,495     46,523  
                                           ------     ------
INVESTING ACTIVITIES

Purchases of property, plant and 
  equipment............................   (35,621)   (30,126)
Acquisition of business................   (33,486)        --
Proceeds from disposition of business..    32,357         --
Other investing activities, net........       452      3,762
                                           ------     ------
Net cash used in investing activities..   (36,298)   (26,364)
                                           ------     ------
FINANCING ACTIVITIES

Proceeds from issuance of short-term 
  and long-term debt...................       273     11,528
Repayment of debt......................   (13,799)   (25,000)
Purchase of common shares for treasury.   (16,721)    (3,576)
Dividends paid.........................    (1,128)    (1,130)
Proceeds from issuance of common stock      3,363        878
Other financing activities, net........        --      1,423
                                           -------   -------
Net cash used in financing activities..   (28,012)   (15,877)
                                          --------   -------
Effect of exchange rate changes on 
  cash and cash equivalents............      (994)      (343)
                                          --------   -------
Net increase (decrease) in cash and 
cash equivalents.......................    (1,809)     3,939
Cash and cash equivalents at beginning 
  of period............................    41,525     15,446
                                          -------    -------
Cash and cash equivalents at end of 
  period...............................   $39,716    $19,385
                                          =======    =======

Interest paid..........................   $ 3,601    $ 4,240
                                          =======    =======
Income taxes paid......................   $ 7,489    $ 6,576
                                          =======    =======

See accompanying Notes to Condensed Consolidated Financial
Statements.
                            Page 5


       MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES 
       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 -- BASIS OF PRESENTATION
   The accompanying unaudited condensed consolidated financial
statements have been prepared by management in accordance with
the rules and regulations of the United States Securities and
Exchange Commission. Accordingly, certain information and
footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting
principles have been condensed or omitted.  Therefore, these
financial statements should be read in conjunction with the
consolidated financial statements and notes thereto contained
in the Company's Annual Report on Form 10-K for the year ended
December 31, 1997.  In the opinion of management, all
adjustments, consisting solely of normal recurring adjustments
necessary for a fair presentation of the financial information
for the periods indicated, have been included.  The results for
the three-month and six-month periods ended June 28, 1998 are
not necessarily indicative of the results that may be expected
for the year ending December 31, 1998.

NOTE 2 -- INVENTORIES
   The following is a summary of inventories by major
category:
                                   June 28,    December 31,
(thousands of dollars)               1998          1997
                                   ---------    ---------
Raw materials....................  $ 17,027     $ 19,605
Work in process..................     4,727        5,858
Finished goods...................    19,544       19,812
Packaging and supplies...........    16,699       15,891
                                   --------     --------
Total inventories................  $ 57,997     $ 61,166
                                   ========     ========
NOTE 3 --  LONG-TERM DEBT
The following is a summary of long-term debt:

                                        June 28,   December 31,
(thousands of dollars)                   1998         1997
                                        ---------  -----------
7.75% Economic Development Revenue
  Bonds Series 1990 Due 2010 (secured)... $4,600     $4,600
Variable/Fixed Rate Industrial 
  Development Revenue Bonds Due 2009.....  4,000      4,000
Variable/Fixed Rate Industrial Develop-
  ment Revenue Bonds Due April 1, 2012...  7,545      7,545
Variable/Fixed Rate Industrial Develop-
  ment Revenue Bonds Due August 1, 2012..  8,000      8,000
6.04% Guarantied Senior Notes Due
  June 11, 2000.......................... 26,000     39,000
7.49% Guaranteed Senior Notes Due
  July 24, 2006.......................... 50,000     50,000
Other borrowings.........................  1,649      1,914
                                         -------    -------
                                         101,794    115,059
Less: Current maturities................. 13,471     13,488
                                         -------    -------
Long-term debt...........................$88,323   $101,571
                                         =======    =======

                     Page 6


NOTE 4 -- EARNINGS PER SHARE (EPS)

     Basic earnings per share are based upon the weighted
average number of common shares outstanding during the period. 
Diluted earnings per share are based upon the weighted average
number of common shares outstanding during the period assuming
the issuance of common shares for all dilutive potential common
shares outstanding.  The following table sets forth the
computation of basic and diluted earnings per share:

BASIC EPS                                 THREE MONTHS ENDED
                                        -----------------------
(in thousands, except per share data)    June 28,      June 29,
                                           1998         1997   
                                         --------     --------
Net income..............................$  14,657     $ 12,361

Weighted average shares outstanding.....   22,464       22,563
                                         --------     --------
Basic earnings per share................$    0.65     $   0.55
                                         ========     ========
DILUTED EPS

Net income..............................$  14,657     $ 12,361
                                          -------     --------
Weighted average shares outstanding.....   22,464       22,563
Dilutive effect of stock options........      739          473
                                          -------      -------
Weighted average shares outstanding, 
  adjusted..............................   23,203       23,036
                                          -------      -------
Diluted earnings per share..............$    0.63     $   0.54
                                          =======      =======

BASIC EPS                                   SIX MONTHS ENDED
                                        -----------------------
(in thousands, except per share data)    June 28,      June 29,
                                           1998         1997   
                                         --------     --------
Net income..............................$  27,458     $ 22,929

Weighted average shares outstanding.....   22,505       22,575
                                         --------     --------
Basic earnings per share................$    1.22     $   1.02
                                         ========     ========
DILUTED EPS

Net income..............................$  27,458     $ 22,929
                                         --------     --------
Weighted average shares outstanding.....   22,505       22,575
Dilutive effect of stock options........      703          461
                                         --------     --------
Weighted average shares outstanding, 
  adjusted..............................   23,208       23,036
                                         --------     --------
Diluted earnings per share.............. $   1.18     $   1.00
                                         ========     ========
     
NOTE 5 -- COMPREHENSIVE INCOME

    The Company has adopted Statement of Financial Accounting
Standards ("SFAS") No. 130, "Reporting Comprehensive Income,"
which establishes standards for the reporting and display of
comprehensive income and its components in general purpose
financial statements for the year ending December 31, 1998. 
The following are the components of comprehensive income:

                                            THREE MONTHS ENDED
                                            -------------------
(thousands of dollars)                      June 28,   June 29,
                                              1998      1997
                                            --------   --------
Net income................................. $14,657    $12,361
Other comprehensive income, net of tax:
 Foreign currency translation adjustments..  (5,603)       198
 Unrealized holding gains (losses).........     (44)        30
                                            -------    -------
   Comprehensive income.................... $ 9,010    $12,589
                                            =======    =======

                                              SIX MONTHS ENDED
                                            -------------------
(thousands of dollars)                      June 28,   June 29,
                                              1998      1997    
 
                                            --------   --------
Net income................................. $27,458    $22,929
Other comprehensive income, net of tax:
 Foreign currency translation adjustments..  (6,565)    (7,017)
 Unrealized holding gains (losses).........       2         18
                                            -------    -------
   Comprehensive income.................... $20,895    $15,930
                                            =======    =======

The components of accumulated other comprehensive loss, net of
related tax are as follows:   
                                        June 28,  December 31,
                                          1998         1997  
                                         --------  -----------
Foreign currency translation
  adjustment........................... $(20,021)    $(13,456)
Minimum pension liability adjustments..   (1,001)      (1,001)
Unrealized holding gains...............      115          113 
                                         -------       ------- 
   Accumulated other comprehensive loss $(20,907)    $(14,344)
                                         =======      =======

                          Page 7


NOTE 6 -- ACQUISITION AND DIVESTITURE

     On April 30, 1998 the Company acquired for approximately
$33.5 million in cash a precipitated calcium carbonate (PCC)
manufacturing facility in the United Kingdom from Rhodia
Limited.  This acquisition allows the Company to establish a
base for its specialty PCC business in Europe.  The transaction
was accounted for as a purchase.  The purchase price exceeded
the fair value of net assets acquired by approximately $8
million, which is being amortized on a straight-line basis over
25 years.

    On April 28, 1998 the Company sold its limestone operation
in Port Inland, Michigan to Oglebay Norton Company for cash and
receivables approximating $34 million.  The sales price was
equivalent to the net book value of the assets. 

                            Page 8


INDEPENDENT AUDITORS' REPORT



The Board of Directors and Shareholders
Minerals Technologies Inc.:



   We have reviewed the condensed consolidated balance sheet of
Minerals Technologies Inc. and subsidiary companies as of June
28, 1998 and the related condensed consolidated statements of
income for each of the three-month and six-month periods ended
June 28, 1998 and June 29, 1997 and cash flows for the six-
month periods then ended.  These financial statements are the
responsibility of the Company's management. 

  We conducted our review in accordance with standards
established by the American Institute of Certified Public
Accountants.  A review of interim financial information
consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for
financial and accounting matters.  It is substantially less in
scope than an audit conducted in accordance with generally
accepted auditing standards, the objective of which is the
expression of an opinion regarding the financial statements
taken as a whole.  Accordingly, we do not express such an
opinion.

  Based on our review, we are not aware of any material
modifications that should be made to the condensed consolidated
financial statements referred to above for them to be in
conformity with generally accepted accounting principles.

  We have previously audited, in accordance with generally
accepted auditing standards, the consolidated balance sheet of
Minerals Technologies Inc. and subsidiary companies as of
December 31, 1997, and the related consolidated statements of
income, shareholders' equity, and cash flows for the year then
ended (not presented herein); and in our report dated January
22, 1998, we expressed an unqualified opinion on those
consolidated financial statements.  In our opinion, the
information set forth in the accompanying condensed
consolidated balance sheet as of December 31, 1997 is fairly
presented, in all material respects, in relation to the
consolidated balance sheet from which it has been derived.

                                                               
                                          KPMG Peat Marwick LLP
New York, New York
July 31, 1998              



                         Page 9


ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF 
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                               INCOME AND EXPENSE ITEMS    
                             As a Percentage of Net Sales 
                             ----------------------------
                         Three Months Ended  Six Months Ended 
                         ------------------  ----------------
                         June 28,  June 29,  June 28, June 29, 
                           1998      1997      1998     1997
                         --------  --------  -------- --------

Net sales................  100.0%   100.0%    100.0%    100.0%
Cost of goods sold.......   68.9     70.8      68.9     70.7 
Marketing, distribution 
  and administrative 
  expenses...............   12.7     12.5      12.9     12.9 
Research and development 
  expenses...............    3.4      3.4       3.4      3.5 
                           -----    -----     -----    -----
Income from operations...   15.0     13.3      14.8     12.9 

Net income...............    9.4%     8.1%       9.2%    7.9%
                           =====    =====      =====    ====


RESULTS OF OPERATIONS 

THREE MONTHS ENDED JUNE 28, 1998 AS COMPARED WITH THREE MONTHS
ENDED JUNE 29,1997

   Net sales in the second quarter of 1998 increased 2.6% to
$155.8 million from $151.8 million in the second quarter of
1997. Sales growth from ongoing operations, which exclude the
divested Midwest limestone business, was 6.3%.  The stronger
U.S. dollar had an unfavorable impact of approximately $3.5
million or 2.3 percentage points of sales growth.

   Worldwide sales of Precipitated Calcium Carbonate (PCC),
which is used in manufacturing processes of the paper industry,
grew 16.6% to $85.6 million from $73.4 million in the second
quarter of 1997. This increase was primarily attributable to
the startup of seven new satellite plants since the second
quarter of 1997 and to initial sales to the paper industry from
the acquisition of a specialty PCC business in the United
Kingdom.

   Currently, one PCC satellite facility is under construction,
located in Courtland, Alabama.  This plant, which will be
equivalent to five satellite units, is scheduled to begin
operations during the first half of 1999.  (A "satellite unit"
produces between 25,000 and 35,000 tons of PCC annually.)  The
Company now operates 53 satellite plants in 12 countries
worldwide.

   Beginning in 1998, sales of pyrolytic graphite products,
previously reported in the Processed Minerals product line, are
reported in the Refractory product line.  Prior year's sales
have been reclassified to reflect this change.  Net sales for
the four quarters of 1997 were $1.1 million, $1.0 million, $0.5
million and $0.7 million respectively.

   In April 1998, the Company divested its Midwest limestone
business in Port Inland, Michigan.  References to ongoing
operations exclude the results from this facility.  Net sales
from the Midwest limestone business in the second, third and
fourth quarters of 1997 were $6.4 million, $8.3 million and
$5.9 million, respectively.  Net sales from this facility in
the second quarter of 1998, prior to the divestiture, were $1.3
million.

   Net sales from the ongoing operations of processed mineral
products decreased 4.1% in the second quarter of 1998 to $20.9
million, compared to $21.8 million reported in second quarter
1997.  However, the operating margin as a percentage of sales
showed significant improvement over the second quarter of 1997. 

   Net sales of refractory products, primarily used in the
steel industry, decreased 4.6% in the second quarter of 1998 to
$47.9 million from $50.2 million in the same period last year. 
Foreign exchange had an unfavorable impact of approximately 
$1.8 million on refractory product sales.

   Income from operations rose 15.9% in the second quarter of
1998 to $23.4 million.  This increase was due primarily to
growth in the PCC product line; improved profitability in
refractory products, due primarily to the successful execution
of the Company's strategy of introducing high value innovative
products, and to increased profitability in the processed
minerals product line.
                              Page 10


   Non-operating deductions increased primarily as a result of
foreign exchange losses in Asia. 

   Net income grew 18.6% to $14.7 million from $12.4 million in
the prior year.  Earnings per common share, on a diluted basis,
were $0.63 as compared to $0.54 in the same period last year.


SIX MONTHS ENDED JUNE 28, 1998 AS COMPARED WITH SIX MONTHS
ENDED JUNE 29, 1997

   Net sales in the first half of 1998 increased 3.6% to $299.9
million from $289.4 million in 1997.  Excluding the effect of
foreign exchange and the divested Midwest limestone business,
sales growth was 8.0%.  This increase was due primarily to the
continued expansion of the PCC product line.  PCC sales
increased 14.7% to $165.1 million compared with $144.0 million
in the first half of 1997.  Worldwide sales from the ongoing
operations of processed mineral products decreased 4.5% to
$39.4 million.  Refractory product sales decreased 3.9% to
$93.7 million compared with $97.5 million in the first half of
1997. This decrease was primarily due to unfavorable foreign
exchange rates.

   Net sales in the United States increased 5.3% in the first
half of 1998 primarily due to the growth in the PCC product
line and solid growth of refractory products.  Net foreign
sales increased approximately 5.9% in the first half of 1998 as
a result of the continued international expansion of the PCC
product line. 

   Income from operations rose 19.3% to $44.5 million in the
first half of 1998 from $37.3 million in the previous year. 

   Non-operating deductions increased primarily as a result of
foreign exchange losses in Asia.

   Net income increased 19.8% to $27.5 million from $22.9
million in 1997.  Diluted earnings per common share were $1.18
as compared with $1.00 for the first six months of 1997.


LIQUIDITY AND CAPITAL RESOURCES

   The Company's financial position remained strong in the
first half of 1998.   Cash flows in the first half of 1998 were
provided from operations and the divested Midwest limestone
business and were applied principally to fund $35.6 million of
capital expenditures, the acquisition of a specialty PCC
business, the repurchase of common shares for treasury and to
remit the required principal payment of $13 million under the
Company's Guarantied Senior Notes due June 11, 2000.  Cash
provided from operating activities amounted to $63.5 million in
the first half of 1998 as compared to $46.5 million in the
prior year. This increase was primarily due to an improvement
in working capital.

   On February 26, 1998, the Company's Board of Directors
authorized a $150 million stock repurchase program under which
the stock will be purchased on the open market from time to
time.  As of July 24, the Company had repurchased approximately
384,000 shares under this program at an average price of
approximately $52 per share.

   On April 28, 1998, the Company sold its limestone operation
in Port Inland, Michigan to Oglebay Norton Company for
approximately $34 million, which was equivalent to its net book
value.  This high volume commodity operation no longer
complemented the Company's long-term strategic vision.  Sales
for the facility were approximately $21 million in 1997.

   On April 30, 1998, the Company acquired for approximately
$33.5 million a PCC manufacturing facility located near
Birmingham in Kings Norton, England from Rhodia Limited, a
specialty chemicals company.  This acquisition will allow the
Company to establish a base for its specialty PCC business in
Europe.  The Company's specialty PCC products are used in food
and pharmaceutical applications, as well as in plastics,
sealants and coatings, and paper.  Sales of this business in
1997 were about $18 million.

   The Company has available approximately $110 million in
uncommitted, short-term bank credit lines, none of which were
in use at June 28, 1998.  The Company anticipates that capital
expenditures for all of 1998 will approximate $90 million,
principally related to the construction of satellite PCC
plants, expansion projects at existing satellite PCC plants,
and other opportunities which meet the strategic growth
objectives of the Company.  The Company expects to meet such

                            Page 11


requirements from internally generated funds, the
aforementioned uncommitted bank credit lines and, where
appropriate, project financing of certain satellite plants.


PROSPECTIVE INFORMATION AND FACTORS THAT MAY AFFECT FUTURE
RESULTS

   The Securities and Exchange Commission encourages companies
to disclose forward-looking information so that investors can
better understand a company's future prospects and make
informed investment decisions.  This report may contain such
forward-looking statements that set out anticipated results
based on management's plans and assumptions.  Words such as
"anticipate," "estimate," "expects," "projects," and words and
terms of similar substance used in connection with any
discussion of future operating or financial performance
identify these forward-looking statements.

   The Company cannot guarantee that any forward-looking
statement will be realized, although it believes it has been
prudent  in its plans and assumptions.  Achievement of future
results is subject to risks, uncertainties and inaccurate
assumptions.  Should known or unknown risks or uncertainties
materialize, or should underlying assumptions prove inaccurate,
actual results could vary materially from those anticipated,
estimated or projected.  Investors should bear this in mind as
they consider forward-looking statements and should refer to
the discussion of certain risks, uncertainties and assumptions
under the heading "Cautionary Factors That May Affect Future
Results" in Item 1 of the Company's Annual Report on Form 10-K
for 1997.

RECENTLY ISSUED ACCOUNTING STANDARDS

   In February 1998, the Financial Accounting Standards Board
issued SFAS No. 132, "Employers' Disclosure about Pensions and
Other Postretirement Benefits," which revises employers'
disclosures about pension and other postretirement benefit
plans.  It does not change the measurement or recognition of
those plans.  The statement is effective for fiscal years
beginning after December 15, 1997.  The adoption of this
statement has no impact on the consolidated financial
statements.

   In March 1998, the American Institute of Certified Public
Accountants issued Statement of Position 98-1 ("SOP 98-1"),
"Accounting for the Costs of Computer Software Developed or
Obtained for Internal Use."  The statement is effective for
fiscal years beginning after December 15, 1998.  Earlier
application is encouraged in fiscal years for which annual
financial statements have not been issued.  The statement
defines which costs of computer software developed or obtained
for internal use are capitalized and which costs are expensed. 
The Company adopted SOP 98-1 in 1998.  The adoption of SOP 98-1
does not materially affect the consolidated financial
statements.

   In April 1998, the American Institute of Certified Public
Accountants issued Statement of Position 98-5 ("SOP 98-5"),
"Reporting on the Costs of Start-Up Activities."  The statement
is effective for fiscal years beginning after December 15,
1998.  The statement requires costs of start-up activities and
organization costs to be expensed as incurred.  The Company
will adopt SOP 98-5 for calendar year 1999.  The adoption of
SOP 98-5 will not materially affect the consolidated financial
statements.

   In June 1998, the Financial Accounting Standards Board
issued SFAS No. 133, "Accounting for Derivative Instruments and
Hedging Activities."  The statement establishes accounting and
reporting standards for derivative instruments and for hedging
activities.  It requires that an entity recognize all
derivatives as either assets or liabilities in the statement of
financial position and measure those instruments at fair value. 
The statement is effective for all fiscal quarters of fiscal
years beginning after June 15, 1999.  The Company will adopt
SFAS 133 by January 1, 2000.  Adoption of SFAS 133 is not
expected to have a material effect on the consolidated
financial statements.

YEAR 2000 CONVERSION

   Management has initiated an enterprise-wide program to
improve the capability of the current information systems and
to prepare the Company's computer systems and applications for
the year 2000.  The Company is presently in the midst of
installing systems which are year 2000-compliant and will
replace the majority of the legacy information technology
systems and applications.  It is anticipated that such systems
will be installed by the middle of 1999. The Company does not
expect 
                        Page 12


the total cost of the year 2000 conversion to have a material
adverse effect on the Company's future results of operations
and financial condition.

               PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS
     The Company and its subsidiary Specialty Minerals Inc. are
defendants in a lawsuit, captioned EATON CORPORATION V. PFIZER
INC, MINERALS TECHNOLOGIES INC. AND SPECIALTY MINERALS INC.,
which was filed on July 31, 1996 and is pending in the U.S.
District Court for the Western District of Michigan.  The suit
alleges that certain materials sold to Eaton for use in truck
transmissions were defective, necessitating repairs for which
Eaton now seeks reimbursement.  While all litigation contains
an element of uncertainty, the Company and Specialty Minerals
Inc. believe that they have valid defenses to the claims
asserted by Eaton in this lawsuit, are continuing to vigorously
defend all such claims, and believe that the outcome of this
matter will not have a material adverse effect on the Company's
consolidated financial position or results of operations.

     The Company and its subsidiaries are not party to any
other material pending legal proceedings, other than ordinary
routine litigation incidental to their businesses.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     The Company held its annual meeting on May 28, 1998.  At
the meeting,  (1) John B. Curcio was elected a director of the
Company, by a plurality of 20,032,017 votes, with 304,608 votes
being withheld;  (2) William C. Steere, Jr. was elected a
director of the Company, by a plurality of 20,044,448 votes,
with 292,177 votes being withheld; (3) the appointment of KPMG
Peat Marwick LLP as independent auditors of the Company for the
year 1998 was approved by a vote of 20,285,133 for and 21,278
against, with 30,214 abstentions; and  (4) an amendment to the
Company's Stock and Incentive Plan was approved by a vote of
11,387,347 for and 7,435,610 against, with 57,283 abstentions.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

a) Exhibits:

   10.1 - Sale of Business Agreement dated 5 April 1998 among
          Minteq U.K. Limited, Specialty Minerals Inc., John &
          E. Sturge Limited and Rhodia Limited.
   10.2 - Asset Sale Agreement dated as of April 27, 1998 
          between Specialty Minerals (Michigan) Inc. and 
          Oglebay Norton Limestone Company.
   15   - Accountants' Acknowledgment (Part I Data).
   27.1 - Financial Data Schedule for the six months ended
          June 28, 1998.
   27.2 - Financial Data Schedule for the six months ended
          June 29, 1997.

b) No reports on Form 8-K were filed during the second quarter
   of 1998.

                            Page 13


                            SIGNATURE



  Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly
authorized.



                                Minerals Technologies Inc.



                                By: /s/ John R. Stack          
                                   ------------------------
                                 
                                 John R. Stack
                                 Vice President-Finance and
                                 Chief Financial Officer




              
August 6, 1998 
                           Page 14






SALE OF BUSINESS AGREEMENT

THIS AGREEMENT is made this 5th day of April 1998

BETWEEN:-

(1)	MINTEQ UK LIMITED a company incorporated in England and Wales 
(Reg. No. 2123886) whose registered office is at Beaufort House, 
10th Floor, Bodulph street, London EC3A 7EE ("the Purchaser")

(2)	SPECIALTY MINERALS INC. a company incorporated in the state 
of New York whose registered address is 405 Lexington Avenue, New 
York NY 10174 ("the Purchaser's Guarantor")

(3)	JOHN & E. STURGE LIMITED a company incorporated in England 
and Wales (Reg. No. 107667) whose registered office is at Oak House, 
Reeds Crescent, Watford, Herts, WD1 1QH ("the Vendor")

(4)	RHODIA LIMITED a company incorporated in England and Wales 
(Reg. No. 213674) whose registered office is at Oak House, 
Reeds Crescent, Watford, Herts, WD1 1QH ("the Guarantor")

WHEREBY IT IS AGREED as follows:-

1.	DEFINITIONS & INTERPRETATION

Definitions

1.1	In this Agreement, and unless the particular context demands 
otherwise, the following words and expressions have the meanings 
ascribed to them below:-

"Assets" means all of the assets agreed to be sold and purchased 
under this Agreement, as follows:-

(a)	the Business;

(b)	the Intellectual Property;

(c)	the Plant & Equipment;

(d)	the Stock;

(e)	the benefit together with the burden of the Lease;

(f)	the Property;

but excludes any Excluded Assets;

"Assignment"	means an assignment of the Guarantor's interest 
in the Lease, in such form as is required by the Landlord of the Lease;

"Business"	means all of the business and goodwill of the Vendor 
(including the benefit and the burden of the Contracts) and the 
right to carry on the Business as successor in title to the Vendor 
relating to the manufacture, development and sale of the Products 
from the Site;

"Certificate of Title"	the certificate of title to be produced by 
Eversheds in respect of the site and the property the subject of 
the Lease in the form exhibited hereto as Exhibit 5;

"Claim(s)"	means any alleged cause of action whatsoever of the 
Purchaser against the Sellers (or either of them) or any other 
liability they may have arising out of or in connection with 
this Agreement (including, without limiting the foregoing, any or 
any alleged breach of any Warranty or claim under Schedule 5) or 
otherwise touching or concerning any of the Assets or the Site or 
any agreement exhibited into in connection with this Agreement;

"Completion" means the completion of all the documents and transactions 
set out in Clause 3;

"Completion Date"	means 30 April 1998, or such other date on 
which the parties may agree to hold the Completion Meeting;

"Completion Meeting" the meeting of the Parties to be held at the 
offices of Jones Day Reavis & Pogue, 62 Rue du Faubourg St. Honore, 
Paris France (or such other reasonable venue as the Buyer shall 
nominate) on the Completion Date for the purpose of Completion;

"Contract(s)" means the Sellers' contracts, understandings and 
arrangements with (respectively) their customers and suppliers of 
goods and services, distributors, utilities and their facilities in 
connection with the Assets and the Site, including (without limiting 
the foregoing) the Leased Assets Contracts, the Environmental Licenses 
and any and all other permits, licenses, consents or other 
authorisations issued by any governmental or quasi-governmental 
agency which relate exclusively to the Business, and any licenses 
for the use of computer software which relate exclusively to the 
Business, including the documents listed in Schedule 6;
	
"the Consideration" the aggregate consideration payable by the Purchaser
being the sum of the Goodwill Consideration, the P&E Consideration the 
Property Consideration and the Stock Consideration;

"Customer List" means the list of customers with which the Sellers have 
done business in relation to the Products;

"Customer List Consideration"	means 4,750,000 pounds sterling 
(four million seven hundred fifty thousand pounds sterling) as 
consideration for the Customer List;

"Disclosure Letter" means the letter in agreed form from the Sellers to
the Purchaser in respect of the Warranties exhibited hereto as Exhibit 1;

"Documents"	means the Sellers' books, records and other recorded 
information, whether in paper, electronic or other recorded form (not 
comprised in the Manuals), relating exclusively to the Assets which 
are material to the use and operation of the Assets or which have been 
compiled or kept exclusively in relation to the Assets or to the Site;

"Employees"	means those of the Sellers'employees listed in Schedule 4;

"the Environmental Report" the "Phase II" environmental report to be 
produced by Dames & Moore as commissioned by the Guarantor in accordance 
with the instructions and specifications exhibited to this Agreement 
as Exhibit 6;

"Excluded Assets"	means 
(a) all of the Sellers' know-how, commercial or confidential information, 
intellectual or industrial property right of any description and secrets, 
other than the Intellectual Property;

(b) cash in hand and at bank, and trade debts and receivables (including 
receivables concerning Products in respect of which either Seller has 
issued invoices prior to  the Completion Date);

(c) any liability (of any description) in relation to any such business 
or ssets, and all of the foregoing;

"Goodwill Consideration" means 5,000,000 pounds sterling (five million 
pounds sterling) as consideration for the Assets excluding the Plant & 
Equipment, the Stock, the benefit and burden of the Lease and the Property;

"Guarantor's Account" means the sterling denominated account of the 
Guarantor at a bank situated outside the United Kingdom as may be 
notified by the Guarantor to the Purchaser from time to time; 

"Intellectual Property"	means the PCC Know-How, and includes without 
limiting the generality of the foregoing the full and complete written 
documentation of all past operations on the Site which are in the 
possession of the Vendor including the installation and operation 
of the pilot scale carbonator; 

"Intellectual Property Consideration" means 249,000 pounds sterling 
(two hundred forth nine thousand pounds sterling) as consideration 
for the Intellectual Property;

"Lease" means a lease dated 2 July 1996 for warehousing facilities 
at Units 1 and 4, Breedon Cross, Lifford Lane, Kings Norton, 
Birmingham B30 3JW and made between PMG Investments Limited and 
the Guarantor;

"Leased Assets" means those assets used exclusively by the Vendor in 
connection with the Business and leased or otherwise hired by the 
Guarantor under the Leased Assets Contracts including those listed 
in Part 2 of Schedule 1;

"Leased Assets Contracts" means those Contracts for the leasing, 
hiring or other financing of the Leased Assets including those 
listed in Part 2 of Schedule 6;

"Manuals" means all of the Vendor's manuals, operations, drawings, 
process descriptions, records and other information currently 
used in the production of the Products including those listed 
in Exhibit 7;

"Marks" means the trademarks used exclusively in the Business as set out 
in Schedule 7 and registered in the name of Rhodia Chimie;

"Marks Consideration" means 1,000 pounds sterling (one thousand pounds 
sterling) as consideration for the Marks;

"Material Adverse Change" shall mean any material adverse change 
in the financial condition or results of operations or prospects 
of the Business taken as a whole not caused by any public 
announcement of the Purchaser's acquisition of the Business and 
which, for the purpose hereof, shall be deemed not to comprise 
changes that result from general economic or political conditions 
or other conditions affecting the chemical industry generally;

"Material Contracts" those contracts listed in Part 1 of Schedule 6;

"P&E Consideration" means 11,680,000 pounds sterling (eleven million six 
hundred and eighty thousand pounds sterling) as consideration for the 
Plant & Equipment;

"PCC Know-How" means all of that part of the Vendor's know-how, technology, 
confidential information, trade or other secrets and processes whether or 
not currently used by the Vendor relating to the Business and comprised in 
or referred to in the Manuals and/or the Documents;

"Plant & Equipment" means the Guarantor's plant, equipment and vehicles 
as set out in Schedule 1; 

"Products" means the precipitated calcium carbonate products, lime and 
"CALOXOL" products manufactured by the Vendor at the Site, which are 
listed in Schedule 2;

"Property"	title to the land and the buildings on the Site;

"Property Consideration" means 1,999,999 pounds sterling (one million 
nine hundred ninety nine y thousand nine hundred ninety nine pounds 
sterling) as consideration for the Property;

"Regulations" means the Transfer of Undertakings (Protection of 
Employment) Regulations 1981 as amended by the Collective Redundancies 
and Transfer of Undertaking (Protection of Employment) Regulations 
1995, and the Acquired Rights Directive;

"Sale Agreement & Conveyance"	means an agreement for the sale by the 
Guarantor of its freehold title to the Site and the conveyance thereof 
to the Purchaser substantially in the form exhibited hereto as 
Exhibit 2;

"Seller(s)"	means the Vendor and the Guarantor jointly and severally 
or either of them, as the particular context requires;

"Site" means the Guarantor's site at Lifford Lane, Kings Norton, 
Birmingham, B30 3JW;

"Stock" means work in progress and the stock of raw materials, spare 
parts, promotional materials and finished goods of the Business as 
at the Completion Date;

"Stock Consideration"	means 1,320,000 pounds sterling (one million three 
hundred and twenty pounds sterling) as consideration for the Stock 
subject to adjustment in accordance with Clause 4;

"Stock Auditors"	means Messrs Coopers & Lybrand or such other person(s) 
as the parties may agree;

"Stock Valuation"	means the value (in pounds sterling) of Stock as 
at the Completion Date as agreed or determined in accordance with 
Clause 4;

"Stock Valuation Principles"	means the principles pursuant to which 
the Stock is to be valued as set out in Schedule 8;

"the Supply Contract" a long term contract for the supply of Products 
by the Purchaser to the Guarantor and associated companies in the 
form exhibited hereto as Exhibit 3;

"Vendor's Account" means the sterling denominated account at a bank 
situated outside the United Kingdom as may be notified to the Buyer 
from time to time;

"Warranty(ies)" means the warranties set out in Schedule 3.

Interpretation

1.2	This Agreement (including the Schedules and Exhibits) is the entire 
agreement between the Parties and supersedes and is to the exclusion of 
any prior oral or written agreement or undertaking or representation of 
the Parties, in relation to the sale to and purchase by the Purchaser of 
the Assets other than any obligation of secrecy or non-disclosure.

1.3	References to an agreement or document in agreed form are references 
to agreements or documents in substantially the same form as the drafts 
exhibited hereto.

1.4	This Agreement (and each right, obligation or remedy not fully 
performed or discharged on Completion) shall unless otherwise expressed 
survive Completion.

1.5	This Agreement is personal to the Parties and accordingly no 
Party shall purport to assign, sub-contract or otherwise transfer 
any of its rights or obligations hereunder without the prior written 
consent of the others; provided that the Purchaser may assign any or 
all of its rights under this Agreement to any entity controlled by or 
under common control with the Purchaser.

1.6	The Purchaser's Guarantor shall guarantee the obligations of 
the Purchaser (and any assignee of the Purchaser) under this Agreement, 
and the terms of Clause 7 shall apply to such guarantee by the Purchaser's 
Guarantor mutatis mutandis for the benefit of the Sellers.

1.7	No waiver, time granted or other indulgence granted by any 
Party shall in any way impair the rights and remedies of that Party. 

1.8	This Agreement (and any agreement in agreed form) may be 
executed by each Party in any number of counterparts each of which shall
(when all Parties shall have executed a counterpart) be a binding 
original but which shall when taken together constitute one instrument.

1.9	This Agreement shall be interpreted in accordance with English 
law and remedies.

2.	WARRANTIES

2.1	Each of the Parties hereby warrants to the other Parties:-

2.1.1	that it has full capacity and full authority in accordance with 
its memorandum and articles of association or regulations or other 
statutes to enter into and be bound by the terms of this Agreement 
and that is has taken all corporate or legal steps for the 
purposes hereof; and 

2.1.2	that it has not relied upon any representation, warranty or 
promise whatsoever (including any given by any third party other 
than its own professional advisers) other than the express terms 
of this Agreement.

2.2	The Sellers hereby warrant and undertake to the Purchaser 
in the terms of the Warranties. 

2.3	Save as aforesaid, neither Seller makes or gives any warranty or 
representation (including any as may otherwise have been implied by 
statute or at law) whatsoever.

2.4	The Purchaser acknowledges that:-

2.4.1	no officer, agent or adviser of either Seller is authorised 
to make or give any assurance, promise, warranty or representation on 
their behalf other than contained in the express provisions of 
this Agreement;

2.4.2	it has not relied on any assurance, promise, warranty or 
representation other than the Warranties.

2.5	The Sellers hereby warrant to the Purchaser that they have 
complied with and, up to and including Completion, will continue 
to comply with Regulation 10 of the Regulations.

3.	SALE & COMPLETION

Effect of Signature & Completion

3.1	For the avoidance of doubt, risk and title in the Assets shall 
not pass to the Purchaser until Completion.

Allocation of Proceeds of Sale

3.2	The Parties have (for the avoidance of doubt) allocated the
 proceeds of sale of the Assets as follows:-

3.2.1 	the Customer List (4,750,000 pounds sterling);

3.2.2 	the Intellectual Property (249,000 pounds sterling);

3.3.3 	the Marks (1,000 pounds sterling);

3.2.4 	the Plant & Equipment:-  The P&E Consideration (11,680,000 
pounds sterling);

3.2.5 	the Property:- the Property Consideration (1,999,999 
pounds sterling);	

3.2.6 	the benefit together with the burden of the Lease 
(1 pound sterling); and					

3.2.7 	the Stock:-  the Stock Consideration (subject to adjustment 
in accordance with Clause 4) (1,320,000 pounds sterling).

	
TOTAL	20,000,000 pounds sterling

Sale

3.3	On the Completion Date, the Sellers hereby agree to sell 
with full title guarantee and the Purchaser hereby agrees to buy 
the Assets, and the Parties shall execute the agreements in agreed 
form, in accordance with this Clause 3.  For the avoidance of doubt, 
no part of the Excluded Assets shall be included in such sale and 
purchase.

Payment

3.4 	At the Completion Meeting, the Purchaser shall pay 20,000,000 
pounds sterling (twenty million pounds sterling) in respect of the 
Consideration by electronic funds transfer to the Vendor's Account 
and the Guarantor's Account, in sterling for value on the Completion 
Date in whole and without any set-off or deductions whatsoever, 
the payments to be made as follows:-

3.4.1 	to the Guarantor - 13,680,000 pounds sterling in respect 
of the P&E Consideration and the Property Consideration;

3.4.2	to the Vendor - 13,680,000 pounds sterling in respect of the 
Goodwill Consideration (excluding the Marks) and the Stock 
Consideration (prior to any adjustments in accordance with 
Clause 4); and

3.4.3 	to Rhodia Chimie - 1,000 pounds sterling in respect of 
the Marks.	

Documents in Agreed Form

3.5	At the Completion Meeting, the Parties (or the relevant 
Parties and any third party, as the case may be) shall complete 
each of the following agreements:-

3.5.1	the Sale Agreement and Conveyance;

3.5.2	the Disclosure Letter;

3.5.3	the Assignment;

3.5.4	the Supply Contract;

together with all such other agreements as may be agreed between 
the parties prior to Completion. 	

Delivery & Assignment of Assets

3.6	At the Completion Meeting, the Sellers shall deliver up to the 
Purchaser each of the Assets (including the Stock) title to which is 
capable of passing by delivery, together with the originals (or 
certified copies) of the written Contracts listed in Schedule 6.

3.7	At the Completion Meeting the Sellers shall assign to the 
Purchaser all of their rights, interest and title in or to each of 
the following:-

3.7.1	the Business;

3.7.2	the Contracts;

3.7.3	the Intellectual Property; and

3.7.4	each other Asset the transfer of title of which is required to 
be made in writing.

3.8	At the Completion Meeting the Guarantor shall assign to the 
Purchaser all of its right, interest and title in or to that part
of the Plant & Equipment not being a fixture and appurtenant to 
the land comprised in the Site and shall procure that Rhodia Chimie 
assigns with full title guarantee to the Purchaser all of its 
rights, interest and title in or to the Marks.

Creditors & Debtors

3.9	For the avoidance of doubt:-

3.9.1	the Sellers shall remain absolutely entitled to the benefit of 
any Excluded Assets and to the extent that the Purchaser receives on 
or at any time after the Completion Date payment or part payment on 
account of any Excluded Assets the Purchaser shall hold the same as 
bare trustee for the Sellers and shall forthwith pay over such payment 
and account therefor to the Sellers (or either of them as the 
case may be) within five business days of receipt thereof;

3.9.2	to the extent that the Sellers receive on or at any time after 
the Completion Date payment or part payment on account of the Business 
in relation to the period after the Completion Date they shall hold 
the same as bare trustee for the Purchaser and shall forthwith pay over 
such payment and account therefor to the Purchaser within five Business 
Days of receipt thereof; and

3.9.3	to the extent that the Purchaser receives on or at any time 
after the Completion Date any demand for payment or part payment 
on account of the Excluded Assets the Sellers shall forthwith discharge 
the same upon receipt of notice of demand from the Purchaser and in any 
event within five business days of receiving notice thereof and shall 
indemnify and keep indemnified the Purchaser from any cost, 
claim, demand, expense or other liability in respect thereof.

Apportionment

3.10	Insofar as either of the Sellers have made any payment in the 
ordinary and proper course, or as otherwise detailed in the Disclosure 
Letter, on account or in advance or other pre-payment in respect of any 
of the Contracts or other services, utilities or facilities for the 
Assets or the Site in respect of any period both up to and after the 
Completion Date the Parties shall apportion such pre-payment between 
the Sellers and the Purchaser as nearly as possible so that in relation 
to the whole of the period of such pre-payment the Sellers bear an
amount of pre-payment proportionate to that part of such period 
preceding the Completion Date and the Purchaser bears the remainder.  
Such apportionment shall be made on the Completion Date and the 
Purchaser shall within seven days of the Completion Date reimburse 
to the Sellers by electronic funds transfer to the Vendor's Account 
or the Guarantor's Account (as the case may be) an amount equal to 
the amount of such pre-payment apportioned to the Sellers.

Handovers

3.11	The Parties shall co-operate after the Completion Date in order 
to transfer customers to the Purchaser with all due expedition and 
otherwise as is reasonable in order to facilitate the transition 
of the Business to the Purchaser, and shall accordingly co-ordinate 
joint customer visits, trade announcements and the familiarisation 
of the Purchaser's personnel with sales, ordering and invoicing 
procedures established between the Vendor and its customers of 
the Business.

Conditions to Completion

3.12	The obligation of the Purchaser and the Purchaser's Guarantor 
to consummate the Completion shall be subject to the satisfaction, 
or the waiver in writing, of each of the following conditions on or 
prior to the Completion Meeting:  

3.12.1	the Warranties shall (subject to the Disclosure Letter 
and any amendments to it pursuant to clause 3.13) be true and correct 
as of the date of signature of this Agreement and as of the Completion 
Date as though made on and as of the Completion Date;

3.12.2	any governmental or regulatory approvals required for 
completion of the transaction shall have been obtained;

3.12.3	there shall not have been any Material Adverse Change; and

3.12.4	in each case in which assignment to the Purchaser of 
a Material Contract requires the consent of a third party, all such 
consents shall have been obtained, except where this requirement has 
been waived by the Purchaser.

3.13	At any time prior to the Completion Date the Sellers may make 
and the Purchaser shall accept any supplement to or amendment to 
Schedule 1 (Plant & Equipment), Schedule 2 (Details of Products), 
Schedule 4 (Employees), Schedule 6 (Contracts), Schedule 7 (Manuals) 
and Schedule 8 (Marks) to this Agreement and/or the Certificate of 
Title and/or the Disclosure Letter in respect of any matter necessary 
or desirable to supply, correct or update any information required 
for the Schedules or to qualify any of the Warranties where such 
supplement or amendment relates to a matter which has arisen in the 
operation of the Business in the ordinary course between the date hereof 
and Completion.

4.	STOCK CONSIDERATION ADJUSTMENT

4.1	The authorised nominees of the Parties shall meet on the 
Completion Date and shall carry out a physical stock-take of the Stock 
in order to agree upon the Stock Valuation.  The Stock shall be valued 
in accordance with the Stock Valuation Principles.

4.2	If within fourteen days from the Completion Date the Parties 
are unable to agree the Stock Valuation, then either Party shall be 
entitled forthwith to instruct the Stock Auditors to carry out a 
Stock-take of the Stock using the Stock Valuation Principles and to 
determine finally and certify to the Parties within fourteen days of 
instruction the Stock Valuation, which shall be final and binding except 
in case of manifest error. The Stock Auditors shall act independently 
of the Parties (who shall co-operate with them so far as is necessary 
for their determination of the Stock Valuation) and the Parties shall 
bear the Stock Auditors' costs and fees equally. 

4.3	On receipt of the Stock Valuation the following balancing payments 
shall be made (if appropriate) and shall constitute adjustments to the 
P&E and Stock Consideration:-

4.3.1	if the value is greater that 1,320,000 pounds sterling 
(one million three hundred and twenty thousand pounds sterling) 
then the Purchaser, shall forthwith pay to the Vendor a sum in cash 
equivalent to the excess; and

4.3.2	if the value is less than 1,320,000 pounds sterling (one 
million three hundred and twenty thousand pounds sterling) then 
the Vendor shall forthwith pay to the Purchaser a sum in cash 
equivalent to the shortfall.

5.	EMPLOYEES

5.1	The Parties acknowledge that the transactions contemplated 
herein constitute a transfer of undertaking pursuant to the Regulations 
and that accordingly the contracts of employment of all of the Employees 
shall transfer from the Sellers (as the case may be) to the Purchaser 
on Completion.

5.2	The Purchaser shall indemnify and keep indemnified the Vendor 
from and against any and all claims, costs, legal costs (on an 
indemnity basis), proceedings, damages, orders (including orders of 
reinstatement or re-engagement under the Regulations or under the 
Employment Rights Act 1996 or at law) or awards whatsoever arising after 
the Completion Date out of or in connection with the contract of 
employment of any Employee(s) including, without limiting the 
foregoing, the termination of that contract or the terms thereof or the 
novation or transfer thereof. 

5.3	The Vendor shall indemnify and keep indemnified the Purchaser 
from and against any and all claims, costs, legal costs (on an 
indemnity basis), proceedings, damages, orders (including orders of 
reinstatement or re-engagement under the Regulations or under the 
Employment Rights Act 1996 or at law) or awards whatsoever arising 
prior to the Completion Date out of or in connection 
with the employment of any Employee(s).  

5.4	The Sellers hereby agree to indemnify and keep the Purchaser 
indemnified fully against all costs, claims, liabilities, demands, 
actions and damages in relation to:-

(i)	the sickness of Roy Hardy;

(ii)	the redundancies of Bryan Upton and Mervyn Smith (if Mervyn 
Smith leaves in 1998 according to an agreement entered into with 
Sellers on or before the date hereof);

(iii) the early retirement of Peter Hardy, Len Parkes and Alan 
Eastwood.

6.	NON-COMPETE

6.1	Except as set forth in Article 6.2 below, neither Seller shall, 
and the Guarantor shall procure that no member of the Rhodia Group 
shall (without the prior written consent of the Purchaser) before the 
fifth anniversary of the Completion Date:-

6.1.1	manufacture or sell or distribute precipitated calcium carbonate 
products (as a separate product but not as a component of other finished 
products), whether on their own account or on the account of any 
third party;

6.1.2	be otherwise engaged by joint venture or investment or otherwise 
in the manufacture or sale of precipitated calcium carbonate (as a 
separate product but not as a component of other finished products)
as aforesaid save where such activity arises from an acquisition by the 
Sellers of any business or businesses comprising a capability to 
manufacture or sell precipitated calcium carbonate or the acquisition 
of shares or other securities in any corporation having such businesses 
(provided that such capability does not represent more than twenty five 
per cent of the turnover of the acquired business or businesses); 

6.1.3	make any offer of employment to, or solicit, entertain or accept 
any offer to be employed from, any past or present employee of either 
of the Sellers in connection with the Business; or

6.1.4	use the name "Sturge", or any confusingly similar word or name, 
in trade or business.

6.2	The provisions of Article 6.1 hereof shall not however prevent 
the Sellers and the Rhodia Group from selling or distributing 
precipitated calcium carbonate products as pharmaceutical ingredients 
save in respect of the United Kingdom and Ireland.

6.3	In order to enable the Rhodia Group to secure its existing 
source of supply of precipitated calcium carbonate products 
following the sale of the Assets, the Purchaser agrees to execute 
with the Rhodia Group with effectiveness on the Completion Date, 
and in an agreed form hereby attached as Exhibit 3, a long term 
contract for the supply by the Purchaser of precipitated calcium 
carbonate products to the Rhodia Group.

6.4	Each Party acknowledges and represents to the other that the 
restrictive provisions contained herein (if at all) are fair, 
reasonable, objectively justifiable and freely undertaken.

7.	GUARANTEE

7.1	In consideration of the Purchaser entering into this Agreement 
the Guarantor, at the request of the Vendor, hereby unconditionally 
guarantees to the Purchaser together with its successors, transferees 
and assigns the due and punctual performance and observance by the 
Vendor of all the Vendor's obligations and the punctual discharge by 
the Vendor of all the Vendor's liabilities to the Purchaser contained 
in or arising under this Agreement.

7.2	If the Vendor shall make default in the payment when due of 
any amount payable to the Purchaser under this Agreement, the Guarantor 
shall forthwith on demand by the Purchaser unconditionally pay to the 
Purchaser in the manner prescribed in this Agreement an amount equal 
to the amount payable by the Vendor. 

7.3	The guarantee and indemnity contained in this Clause shall be a 
continuing guarantee and indemnity and shall continue in full force and 
effect until all liabilities or purported liabilities of the Vendor 
arising under, and all monies owing or payable or purported to be 
owing or payable by the Vendor under this Agreement or arising from 
any termination of this Agreement, have been paid, discharged or 
satisfied in full and notwithstanding any insolvency of the Vendor 
or any change in the status of the Vendor.

7.4	The Guarantor shall not be exonerated or discharged nor 
shall its liability be affected by any forbearance, whether as 
to payment, time, performance or otherwise howsoever, or by any 
other indulgence being given to the Vendor or by any variation of 
the terms of this Agreement or by any act, thing, omission or means 
whatever which, but for this provision, might operate to exonerate or 
discharge the Guarantor from its obligations under the guarantee and 
indemnity contained in this Clause 7.

7.5	The Guarantor's obligation hereunder shall be as primary obligor 
and not merely as surety and accordingly (and for the avoidance of 
doubt):-

7.5.1	the Purchaser shall not be under any obligation to proceed 
first against the Vendor before making any or any alleged claim 
hereunder against the Guarantor;

7.5.2	each defence, set-off or counterclaim which would have been 
available to the Vendor shall likewise be available to the Guarantor 
to the extent that the same has not been exhausted by the Vendor;

7.5.3	the Guarantor hereby waives notice to it of any amendment 
or modification of this Agreement (other than to this Clause 7) 
made between the Purchaser and the Vendor; and

7.5.4	no time, waiver or other indulgence granted by any Party 
to the other, and no change in the corporate existence or identity 
of the Vendor shall in any way impair, negative or reduce the 
Guarantor's obligation hereunder.

8.	CLAIMS
8.1	The Sellers shall not be liable in respect of any Claim 
unless the Purchaser shall have given written notice thereof, 
together with reasonable particulars of the nature and circumstances 
thereof, on or before (a) with respect to Claims pertaining to the 
Environment, the fifth anniversary of the Completion Date, and 
(b) with respect to all other Claims, the second anniversary of 
the Completion Date, and (if not settled) shall have commenced 
and served legal proceedings in respect of such Claim within 
six months of such written particulars having been given to the Sellers. 

8.2	The Purchaser shall:-

8.2.1	at all times take all reasonable and practicable steps to 
mitigate any loss caused or likely to be caused in connection 
with such Claim;

8.2.2	on giving notice in accordance with Clause 8.1, keep the Sellers 
regularly advised and informed of the nature and development of the 
circumstances of any Claim; and

8.2.3	on giving notice in accordance with Clause 8.1, permit the 
Sellers to inspect, survey or audit any thing, site or record and 
to give the Sellers access to any of the Purchaser's personnel as 
may be reasonably necessary in the circumstances and co-operate to 
enable the Sellers to bring or defend any proceedings in connection 
with any such Claim and in any event not to make any admission of 
liability in or otherwise to compromise any Claim with respect of 
any third party.

8.3	The maximum joint aggregate liability of the sellers to the 
Purchaser in respect of any and all Claims, is hereby limited to a 
sum equivalent to two thirds of the aggregate of the Consideration.

8.4	The Purchaser shall not bring any Claim in respect of any 
Warranty unless such individual claim exceeds 50,000 pounds sterling 
and until the aggregate of such claims exceeds 250,000 pounds sterling. 
These amounts are not intended to establish the standard of materiality 
under this Agreement.

8.5	Any amounts paid by either Seller in respect of any Claim shall 
be treated as a pound for pound reduction in the Consideration.

8.6	To the extent that the circumstances underlying any Claim are 
capable of being remedied then the Purchaser shall afford the Sellers 
a reasonable opportunity to remedy the same (which shall not however 
extend beyond 90 days after notice is given pursuant to Clause 8.1).

8.7	The Sellers shall not be liable in respect of any Claim to the 
extent that:-

8.7.1	the Purchaser caused or contributed to the same or to the acts 
and/or omissions giving rise to such Claim; and

8.7.2	the matter to which it relates is fully and promptly made good 
by the Sellers without cost to the Purchaser.

8.8	The Purchaser shall not be entitled to recover under any Claim 
if and to the extent that the facts or information upon which the Claim 
is based are fairly disclosed in the Disclosure Letter.

8.9	The Sellers shall not be liable to make any payment in respect 
of any Claim based on a contingent liability of the Purchaser unless and 
until the liability of the Purchaser becomes an actual liability.

8.10	The Sellers shall have no liability in respect of any Claim if 
and to the extent that it arises or is increased as a result of an 
increase in rates of taxation after Completion, or the passing of 
any legislation (or making of any subordinate legislation) with 
immediate or retrospective effect.

8.11	The Sellers shall have no liability in respect of any Claim to 
the extent that it relates to any loss for which the Purchaser is 
indemnified by insurance.

8.12	The Sellers shall have no liability in respect of any Claim to 
the extent that the circumstances, facts or events giving rise to 
the Claim would have been readily apparent to the Purchaser by 
virtue of the investigations into the Assets or the Site carried 
out on behalf of the Purchaser prior to the Completion Date.

8.13	Where the Purchaser is entitled to recover from some other 
person any sum in respect of any matter or event which could give 
rise to a Claim the Purchaser shall take all appropriate steps to 
recover that sum before making such Claim, and any sum recovered 
will reduce the amount of such Claim (and, in the event of the 
recovery being delayed until after such Claim has been satisfied 
by the Sellers, the sum recovered will be paid to the Sellers, 
after deduction of all reasonable costs and expenses of the recovery).

8.14	The Purchaser hereby relinquishes and waives any right of 
set-off or counter-claim, deduction or retention which the Purchaser 
might otherwise have in respect of any Claim or out of any payments 
which the Purchaser may be obliged to make (or procure to be made) 
to the Sellers (or any of them) pursuant to this Agreement or otherwise.

8.15	The Purchaser's sole remedy in respect of any Claim (other than 
any arising under Clause 6 or Clause 10) shall be damages.

8.16	In the event Completion does not occur (for whatever reason other 
than the refusal by a party to do so in circumstances where all 
conditions to Completion set out in Clause 3.12 have been satisfied 
or waived by the other parties), then it is agreed and acknowledged 
that no party shall have any liability to any other party whether 
for damages or otherwise.

9.	INDEMNITY

9.1	On and from Completion the Purchaser shall indemnify and keep 
indemnified the Sellers from and against any claim, damages, costs, 
legal costs, orders or awards  and any other liability of whatever 
nature incurred by them in respect of the Assets and/or products sold 
by the Purchaser arising after the Completion Date whether arising in 
contract, tort or otherwise at law or under any statute or applicable 
European Union laws or directives.

9.2	On and from Completion the Sellers shall indemnify and keep 
indemnified the Purchaser from and against any claim, damages, costs, 
legal costs, orders or awards and any other liability of whatever 
nature incurred by it in respect of the Assets and/or products sold by 
the Sellers arising prior to the Completion Date whether arising in 
contract, tort or otherwise at law or under any statute or applicable 
European Union laws or directives.

9.3	This Clause 9 is without prejudice to any other express right or 
obligation of indemnification arising under this Agreement.

10.	CONFIDENTIALITY

10.1	Each Party undertakes to each other Party to keep the subject 
matter of this Agreement and any confidential or commercially 
sensitive information or knowledge relating to the transfer of the 
Business (whether or not so labelled and whether or not stored or 
recorded in any medium) belonging to or coming from each other Party 
as strictly confidential.

10.2	No Party shall disclose or permit the disclosure of any such 
information without the prior, written consent of the other Party.

10.3	Each Party shall use its best endeavours to procure compliance 
with this Clause 10 by its agents, employees or associates.

10.4	This Clause 10 shall not apply to any such information which is 
in or becomes a part of information in the public domain without fault 
on the part of the Party making any relevant disclosure of the Party's 
information or which is required to be disclosed by compulsion of law 
or order of court (and then only so far as is so compelled).

10.5	No Party shall make any statement to the public concerning the 
subject matter of this Agreement except as is otherwise agreed, or as 
may be required by law or under the rules of any recognised stock 
exchange (and then subject to the Party requiring to make such 
statement first consulting the other).

11.	ENVIRONMENTAL REMEDIATION

The Sellers hereby agree to be bound by the terms of Schedule 5 
in respect of remedial works.

12.	CONTRACTS

12.1	The Purchaser undertakes to the Vendor with effect from the 
Completion Date to assume the obligations and become entitled to the 
benefits of the Vendor under the contracts and the Purchaser undertakes 
to carry out and perform and complete all the obligations and 
liabilities created by or arising under the Contracts (except for any 
obligations or liabilities attributable to a breach on the part of the 
Vendor or its employees, agents or sub-contractors prior to the 
Completion Date) and shall indemnify the Vendor and keep it fully 
indemnified against all liabilities, losses, actions, proceedings, 
costs, claims, demands and expenses brought or made against or incurred 
by the Vendor in respect of:-

12.1.1	the non-performance or defective or negligent performance by 
the Purchaser of the Contracts after the Completion Date; and

12.1.2	the performance by the Vendor of any obligations under the 
Contracts in respect of the period after the Completion Date.

12.2	The Vendor undertakes with effect from the Completion Date to 
assign to the order of the Purchaser or to procure the assignment to 
the order of the Purchaser all the Contracts which are capable of 
assignment without the consent of other parties.

12.3	In so far as any of the Contracts are not assignable to the 
Purchaser without the agreement of or novation by or consent to 
the assignment from another party this Agreement shall not constitute 
an assignment or attempted assignment if such assignment or attempted 
assignment would constitute a breach of such Contracts.  In the event 
that consent or novation is required to such assignment:-

12.3.1	the Vendor at the Purchaser's request and cost shall use all 
reasonable endeavours with the co-operation of the Purchaser to procure 
such novation or assignment as aforesaid;

12.3.2	unless and until such Contract shall be novated or assigned 
as aforesaid, the Vendor shall continue its corporate existence and 
shall hold such Contract in trust for the Purchaser and its successors 
in title absolutely and the Purchaser shall (if such subcontracting 
is permissible and lawful under the Contract in question) as the 
Vendor's subcontractor perform all the obligations of the Vendor under 
such Contract;

12.3.3	unless and until any such Contract shall be novated or 
assigned the Vendor will (so far as it lawfully may) give all such 
assistance to the Purchaser as the Purchaser may reasonably require 
to enable the Purchaser to enforce its rights under such Contract and 
(without limitation) will provide access to all relevant books, 
documents and other information in relation to such Contract as the 
Purchaser may require from time to time.

12.4	If such consent or novation is refused or otherwise not obtained 
on terms reasonably satisfactory to the Purchaser within 60 business 
days of the Completion Date, the Purchaser shall be entitled at its 
sole discretion to require the Vendor to serve proper notice to 
terminate that Contract and the Purchaser shall indemnify and keep 
indemnified the Vendor from and against all losses, damages, costs, 
actions, reasonably satisfactory to the Purchaser within 180 business 
days of the Completion Date, the Vendor shall be entitled at its sole 
discretion to serve proper notice to terminate the Contract and the 
Purchaser shall indemnify and keep indemnified the Vendor from and 
against all losses, damages, costs, actions, proceedings, claims, 
demands, liabilities and expenses (including, without limitation, 
legal and other professional fees and expenses) which the Vendor 
may suffer, sustain, incur, pay or be put to by reason or on account 
of or arising from the termination of such Contract.

12.6	To the extent that any payment is made to the Vendor in respect 
of the Contracts on or after the Completion Date the Vendor shall 
receive the same as trustee, shall record such payment separately in 
its books and shall account to the Purchaser for the same on the 
Completion Date or if received thereafter within 5 business days 
of receipt. 

13.	OBLIGATIONS OF THE VENDOR AFTER COMPLETION 

Obligations After Exchange

13.1	In the period between exchange of this Agreement and Completion 
the Vendor will:-

13.1.1	carry on the Business in the ordinary course and not do 
anything which is not of a routine nature without the prior consent 
of the Purchaser;

13.1.2	permit the Purchaser such access to the Site as it may 
reasonably require, including a pre-closing inspection of the Site 
and upon such terms as the Vendor may reasonably direct;

13.1.3	afford to an environmental consultant engaged by the 
Purchaser reasonable access to the relevant environmental regulators 
for a discussion of regulatory issues at the Site including those 
identified at paragraph 13.1.2 of the Disclosure Letter, with the 
Vendor's QSE Manager (or any other representatives(s) of the Vendor) 
being present at any meetings;

13.1.4	immediately give to the Purchaser copies of all management 
accounts (including draft accounts) for periods in 1998 currently in 
the Vendor's possession and the Vendor shall pass to the Purchaser 
forthwith upon receipt copies of management accounts for subsequent 
periods.

13.2	The Parties agree to co-operate and negotiate with each other 
in good faith between exchange of this Agreement and Completion in 
order to put arrangements in place to facilitate a smooth and efficient 
transfer of the Business from the Sellers to the Purchaser.  It is 
acknowledged that this is likely to include the following:-

13.2.1	the agreement on applicable terms and conditions in 
respect of pensions; and

13.2.2	the negotiation of a contract for the provision of 
services by the Vendor to the Purchaser after Completion.

Obligations After Completion

13.3	The Sellers undertake to pass to the Purchaser as soon as 
reasonably practicable after receipt any orders or inquiries in 
relation to the Business which they may receive at any time after 
Completion.

13.4	On and at any time after Completion the Sellers will use their 
reasonable endeavours to give or procure to be given to the Purchaser 
all such material information as is within their possession (including, 
without limitation, particulars of customers, suppliers and others who 
have dealt with the Sellers in connection with the Business) as the 
Purchaser may reasonably require for:-

13.4.1	the conduct of the Business in which case the cost of 
giving such information will be borne by the Purchaser; and 

13.4.2	the purpose of implementing the provisions of this 
Agreement in which case the cost of giving such information will 
be borne by the Vendor.

13.5	Not later than two business days after the Completion Date 
the Vendor shall send to each of the Employees a letter, in the 
agreed form, explaining that his employment has been transferred 
to the Purchaser pursuant to the Regulations. 

13.6	The Vendor will, if so required by the Purchaser any time within 
30 business days after Completion and at the Purchaser's expense, send 
a circular in a form provided by the Vendor (such approval not to be 
unreasonably withheld or delayed) to persons who have had dealings 
with the Sellers in connection with the Business announcing the transfer 
to the Purchaser of the Business and the Assets. 

13.7	Pension Arrangements

13.7.1	the Vendor and the Purchaser shall, before the Completion, 
use their respective reasonable endeavours to agree the pension terms 
applicable to those Employees who are, immediately before April 5, 1998, 
contributory members of the Pension Scheme ("the Relevant Members");

13.7.2	the Purchaser shall establish or nominate a pension scheme 
("the Purchaser's Plan") on no less favorable terms than the Minteq UK 
Pension Plan details of which have been provided to the Sellers and 
invite relevant Members to join the Purchaser's Plan for future service;

13.7.3	the Vendor and the Purchaser shall each use their 
best endeavours:

1.	to procure that each Relevant Member shall have the opportunity 
to transfer his or her past service benefits to the Purchaser's Plan, 
and

2.	to procure from their respective actuaries a letter in agreed 
form setting out the amount which will enable the Purchaser's Plan to 
pay benefits to those Relevant Employees who enroll in the Purchaser's 
Plan, taking into account the effect of the past service of Relevant 
Members on the amount of future benefits.  The actuaries shall disclose 
the assumptions on which the calculation of such transfer amount is based.

The enrollment of Relevant Members in the Purchaser's Plan will include 
a credit for past service benefits, provided that a transfer is made 
from the trustees of the Pension Scheme to the trustees of the 
Purchaser's Plan in respect of that past service on the basis agreed 
by the actuaries of the Sellers and the Purchasers.

Such transfer will not entail any additional expense to the Sellers 
(other than the fees of their actuaries) and the Sellers shall have 
no obligation to pay any amount in excess of contributions required 
to be made pursuant to the rules of the Pension Scheme.

13.8	The Sellers shall, within 15 business days after Completion 
and at the Seller's expense, provide the Purchaser with a sworn, 
statutory declaration in respect of the Sellers' full and undisturbed 
possession since 1992 of the strip of land adjoining the towpath of the 
Stratford on Avon Canal.

13.9	After Completion, the Sellers shall provide the Purchaser with 
all reasonable assistance in obtaining a license from the British 
Waterways Board authorising the discharge of clean surface water 
from the Site into the Stratford on Avon Canal.

13.10	Provided there exists no legal or contractual impediment 
the Sellers shall, at their own reasonable expense, provide that 
within 30 days after Completion, the name of the Vendor shall be 
changed so as not to include the word "Sturge" or any confusingly 
similar word or name.

14.	GENERAL

14.1	The Purchaser shall account to the Inland Revenue for 
(and shall indemnify the Sellers from any liability for) any stamp 
or other duty payable upon this Agreement or any agreement or 
conveyance executed by the Parties in contemplation hereof.

14.2	The Consideration is exclusive of Value Added Tax.

14.3	The Parties intend that the provisions of Section 49 of the 
Value Added Tax Act 1994 and Article 5 of the Value Added Tax 
(Special Provisions) Order 1995 shall apply to the sale of the Assets 
and the Site and, accordingly, no VAT shall be charged by the Sellers 
on them.  The Sellers and the Purchaser shall each promptly following 
Completion inform their respective VAT Offices of the sale and purchase 
under this Agreement, complete all relevant forms for VAT purposes 
relating to such sale and purchase and take all reasonable steps to 
ensure that the sale of the Assets is treated neither as a supply of 
goods nor a supply of services for the purposes of VAT but as the 
transfer of a going concern.  In the event that it is at any time 
etermined by H. M. Customs & Excise or, on appeal, by the Tribunal or 
the Court that Section 49 of the Value Added Tax Act 1994 and Article 5 
of the Value Added Tax (Special Provisions) Order 1995 do not apply to 
the sale of the Assets or the Site or any part of them, the Purchaser 
shall pay to the Vendor or the Guarantor (as the case may be), the 
amount of the VAT in question on the later of the business day before 
such amount is due to be paid by the relevant Seller to Customs & Excise 
and the day on which the relevant Seller delivers to the Purchaser, 
a valid VAT invoice or invoices in respect thereof.

14.4	The Purchaser undertakes to keep all of the Documents which 
relate to the tax and accounting affairs of the Business secure and 
complete for not less than six years after the Completion Date and to 
allow the Sellers access to them at all reasonable times during this 
period for the purposes of inspection and to take copies thereof 
where necessary.

14.5	The Parties shall do and give all such deeds and further 
assurances as may be reasonable to give effect to each of the 
assignments and transactions contemplated herein (the costs of 
the preparation, execution and filing of all such deeds and assurances 
and any registrations, filings and notifications with or to any 
regulatory body to be borne by the Purchaser).

14.6	Save as is expressly provided otherwise, each Party shall bear 
its own costs in connection with the negotiation or preparation or 
completion of this Agreement.

14.7	Each Party unconditionally waives any rights it may have to 
claim damages against the other on the basis of any written or oral 
statement made by the other (whether made carelessly or not) not set 
out or referred to in this Agreement (or for breach of any warranty 
given by the other not so set out or referred to) unless such statement 
or warranty was made or given fraudulently or with a reckless disregard 
for its truthfulness.

14.8	Each Party unconditionally waives any rights it may have to 
rescind or to seek to rescind this Agreement on the basis of any 
written or oral statement made by the other (including any Warranty) 
(whether made carelessly or not) whether or not such statement is set 
out or referred to in this Agreement unless such statement was made 
fraudulently or with a reckless disregard for its truthfulness.

14.9	The parties agree to execute, complete and keep the original 
and all executed counterparts of this Agreement outside the 
United Kingdom at all times, except that a Party shall be entitled 
to bring the original or counterpart into the United Kingdom where:

(i)	it is a mandatory legal requirement to produce the document 
in any judicial or arbitration proceedings:

(ii)	the document is to be used as evidence in legal or arbitration 
proceedings and the judge or arbitrator responsible for the 
determination of the proceedings has ruled that a certified 
copy cannot be produced as adequate evidence; or

(iii)	the document is required by the Inland Revenue or HM Customs 
to determine the liability of either of the Sellers to taxation 
arising from the execution of the document or performance of the Agreement.

PROVIDED ALWAYS that the Sellers shall use all reasonable efforts to 
procure the agreement of the person or authority requiring production 
of the document to accept a certified copy in its place.
		
15.	JURISDICTION

15.1	The Parties hereby submit to the exclusive jurisdiction of the 
English Courts but without prejudice to the enforcement or execution 
of any judgment, order or award thereof, or to any interlocutory or 
injunctive proceedings in any other jurisdiction.  This Clause 15.1 
is without prejudice to Clause 15.3.

15.2	For the purposes of Order 10, Rule 3, Rules of the Supreme Court 
(or any modification thereof), the Parties agree that any process or 
other legal proceedings may be served on any of them by leaving a copy 
thereof or by posting a copy thereof addressed to a Party at its 
address first stated above.

15.3	The Parties hereby agree that they shall use their reasonable 
endeavours to seek to settle any dispute and to negotiate the same 
in good faith prior to instituting any proceedings.

15.4	Any notice permitted or required to be given under this 
Agreement shall be in writing and shall be given, posted, delivered 
or transmitted to the Party at the addresses first written above, 
provided that a Party may designate a different address by notice 
in accordance with this section. 

IN WITNESS WHEREOF this Agreement has been signed by the Parties 
the day and year first before written:-


For & on behalf of
MINTEQ UK LIMITED
					
Director:  /s/ Christopher Dee, as attorney-in-fact
Witness:   /s/ Pierre Philippe Berthe


For & on behalf of
SPECIALTY MINERALS INC.

Director:  /s/ John B. Dobson
Witness:   /s/ Pierre Philippe Berthe


For & on behalf of
JOHN & E. STURGE LIMITED

Director:  /s/ Jean-Claude Bravard
Witness:   /s/ Pierre Philippe Berthe


For & on behalf of 
RHODIA LIMITED

Director:  /s/ Jean-Claude Bravard
Witness:   /s/ Pierre Philippe Berthe





                      ASSET SALE AGREEMENT
                  dated as of April 27, 1998
                        by and between
                SPECIALTY MINERALS (MICHIGAN) INC.
                           as Seller
                              and
               OGLEBAY NORTON LIMESTONE COMPANY
                            as Buyer
               
                      ASSET SALE AGREEMENT
                    -------------------------
  
     AGREEMENT made as of April 27, 1998, by and between
  SPECIALTY MINERALS (MICHIGAN) INC., a Michigan corporation
  with its principal place of business at P.O. Box 1047, Iron
  Mountain, Michigan 49801 (hereinafter, "Seller"), and OGLEBAY
  NORTON LIMESTONE COMPANY, a Michigan corporation with its
  principal  place  of business  at 1100 Superior Avenue,
  Cleveland, Ohio 44114-2598 (hereinafter, "Buyer").
  
  
                            RECITALS
                            --------
  
  Seller is the owner of certain assets consisting of three
  quarries and a processing facility and related real and
  personal property located in Mackinac and Schoolcraft
  counties in the State of Michigan, and a separate port
  facility and related real property located at River Rouge
  Dock, Wayne County, Michigan (hereinafter, the "Facilities").
  
  Seller is engaged in the quarrying, processing and sale of
  limestone, dolomite and related products at the Facilities
  (hereinafter, "Seller's Business").
  
  Buyer desires to buy, and Seller is willing to sell, the
  Facilities and the other Included Assets, as defined herein,
  all on the terms and subject to the conditions contained in
  this Agreement.
  
  Seller desires certain lime suppliers to purchase limestone
  products from Buyer following Buyer's acquisition of the
  Included Assets, and Buyer desires to sell such products to
  such lime suppliers.
  
  I. ACQUISITION OF ASSETS
    
     A.   ASSETS TO BE SOLD.
  
          On the Closing Date (as hereinafter defined), and
  otherwise on the terms and subject to the conditions
  contained in this Agreement, Seller will sell, transfer,
  assign and convey to Buyer, and Buyer will purchase and
  accept from Seller, the assets, properties and rights
  described in this Section I(A), but not including those
  assets described in Section I(B). All of said assets,
  properties and rights described in this Section I(A) are
  collectively referred to in this Agreement as the "Included
  Assets".
  
          1.   EQUIPMENT.
  
          All equipment, machinery, fixtures, patterns,
  apparatus, tools, dies, parts (including office equipment),
  jigs for parts, molds, vehicles, desks, chairs, tables, room
  dividers, typewriters, computers, computer programs
  (including program and source codes to the extent legally
  transferrable), automobiles, trucks, communication equipment,
  and other similar equipment located at the Facilities and
  owned by Seller (hereinafter, "Equipment") including without
  limitation the items set forth on Schedule I(A)(1).
  
          2.   PRODUCT INVENTORIES.
  
  All inventories of finished products, primary surge stone,
  and other work in process located at the Facilities
  (hereinafter, "Product Inventories") as set forth in Schedule
  I(A)(2).
  
          3.   GENERAL INVENTORIES.
  
  All inventories of spare parts, replacement and component
  parts, office and other supplies, goods, raw materials, and
  other materials,  located at the Facilities, excluding
  Product Inventories (hereinafter, "General Inventories") as
  set forth in Schedule I(A)(3).
  
          4.   OFFICE FILES.
  
  All files, records, books, memoranda, mining plans, computer
  printouts, databases and related items located at the
  Facilities, which are related to Seller's Business or the
  Included Assets, provided that if any such item shall be an
  integral part of any system, report, file or record of Seller
  which does not relate primarily to Seller's Business or the
  Included Assets, Seller shall have the option of delivering
  to Buyer at Closing (as hereinafter defined) copies of any
  portion of such items which are related to Seller's Business
  or the Included Assets. Specifically included hereunder,
  without limitation however, are blue prints, drawings and
  other technical papers, and inventory, maintenance, and asset
  history records and ledgers.
  
          5.   PREPAID ITEMS.
  
  Any prepaid items, deposits, bonds and escrowed amounts with
  respect to the Included Assets or Seller's Business and all
  rights in connection with such items.
  
          6.   REAL PROPERTY.
  
  All of Seller's interests in real estate, mineral leases,
  land, easements, benefits, structures and improvements
  (including docks) at the Facilities, whether owned or leased,
  as described on Schedule I(A)(6) and subject to the permitted
  exceptions described in Section II (hereinafter the "Real
  Property").  Buyer shall assume and agree to perform and
  discharge when due Seller's obligations under the executory
  portion of any matter listed on Schedule I(A)(6).  Except as
  otherwise specifically provided in this Agreement, Buyer
  shall also assume and agree to perform and discharge when due
  Seller's obligations for reclamation or restoration of the
  Real Property, whether required by federal, state or local
  law.
  
          7.   PERSONAL PROPERTY LEASES.
  
  All leasehold interests and leasehold improvements created by
  all leases of personal property used primarily in connection
  with Seller's Business or the Included Assets under which
  Seller is a lessee or lessor, as are listed on Schedule
  I(A)(7).  Except as specifically otherwise provided in this
  Agreement, Buyer shall assume and agree to perform and
  discharge when due Seller's obligations under the executory
  portion of any matter listed on Schedule I(A)(7).
  
          8.   CONTRACTS.
  
  All claims and rights of every kind and nature whatsoever
  (and benefits arising therefrom) related  to or arising
  primarily out of the Seller's Business or the Included
  Assets, including, but not limited to, customer purchase and
  sale orders, customer sales contracts, backlogs, contractual
  claims, rights and benefits, rights against suppliers (other
  than Seller and Seller's parent, subsidiary and affiliated
  companies) under warranties covering Product Inventories and
  General Inventories or Equipment, and all licenses, permits
  and operating rights related to Seller's Business, but not
  including Purchase Commitments, License and Similar
  Agreements, and Governmental Permits, to the extent they are
  legally transferable by Seller (hereinafter "Contracts"). The
  Contracts are listed on Schedule I(A)(8), and copies of all
  of the Contracts have been provided to Buyer.  Buyer shall
  assume and agree to perform and discharge when due Seller's
  obligations under the executory portion of the Contracts from
  and after the Closing Date.
  
          9.   PURCHASE COMMITMENTS.
  
  All purchase orders, contracts, quotations and bids for the
  purchase of raw materials, component parts, goods, supplies
  and other material relating to Seller's Business or the
  Included Assets (hereinafter "Purchase Commitments").  The
  Purchase Commitments are listed on Schedule I(A)(9), and
  copies of the Purchase Commitments have been provided to
  Buyer.  Buyer shall assume and agree to perform and discharge
  when due Seller's obligations under the executory portion of
  such Purchase Commitments from and after the Closing Date.
  
          10.  LICENSE AND SIMILAR AGREEMENTS.
  
  All license agreements, distribution agreements, sales
  representative agreements, service agreements supply
  agreements, franchise agreements and technical service
  agreements relating to Seller's Business or the Included
  Assets (hereinafter "License Agreements") are listed on
  Schedule I(A)(10) and copies of the License Agreements have
  been provided to Buyer.  Buyer shall assume and agree to
  perform and discharge when due Seller's obligations under the
  executory portion of such License Agreements from and after
  the Closing Date.
  
          11.  CUSTOMER LISTS.
  
  All customer lists and customer records and information
  relating to Seller's Business.
  
          12.  GOVERNMENTAL PERMITS.
  
  All governmental licenses, permits, approvals,
  authorizations, license applications, license amendment
  applications, product registrations, and the like, of every
  kind and nature, relating to Seller's Business or the
  Included Assets, used in the conduct of Seller's Business, to
  the extent their transfer is permitted by law, (hereinafter,
  "Permits").   The Permits are listed on Schedule I(A)(12),
  and copies of all Permits have been provided to Buyer.  Buyer
  shall assume and agree to perform and discharge Seller's
  obligations under the executory portion of such Permits from
  and after the Closing Date.
  
          13.  INTANGIBLE ASSETS. 
  
  All of Seller's interests in and to all registered and
  unregistered trade names, registered and unregistered
  trademarks, service marks, d/b/a names, applications and
  notices of allowances, and specifically including the names
  "Inland Lime and Stone Company" and "Port Inland"; all
  patents and patent applications; and all copyrights and
  copyright applications, in each case used by Seller primarily
  in Seller's Business, (hereinafter, "Intangible Assets"). 
  Schedule I(A)(13) sets forth all of the Intangible Assets.
  
          14.  OTHER PROPERTY. 
  
  All proprietary know-how, trade secrets, confidential
  information, process technology, inventions, processes,
  formulae, plans, drawings and blueprints used in Seller's
  Business; and all good will and Deferred Charges (as
  hereinafter defined) associated with Seller's Business.
  
     B.   EXCLUSIONS.
  
  Notwithstanding anything to the contrary herein contained,
  the Included Assets shall not include any of the items listed
  in the following portions of this Section I:
  
          1.   CASH.
  
  All cash on hand and in banks, cash equivalents and
  investments.
  
          2.   CHECKBOOKS.
  
  Seller's checkbooks and canceled checks.
  
          3.   ACCOUNTS RECEIVABLE.
  
  The accounts receivable generated in the conduct of Seller's
  Business and rights in connection therewith.
  
          4.   INSURANCE POLICIES.
        
  Insurance policies of Seller and rights in connection
  therewith.
  
          5.   INTELLECTUAL PROPERTY.
  
  Except as is provided in Sections I(A)(13) and I(C), Seller's
  name and that of its parent, subsidiaries, and affiliated
  companies, registered and unregistered trade names,
  registered and unregistered trademarks, service marks, d/b/a
  names, applications, and notices of allowances; all patents
  and patent applications; all copyrights and copyright
  applications; and all know-how, trade secrets, confidential
  information, process technology, inventions, processes,
  formulae, plans, drawings, and blue prints not used primarily
  in Seller's Business.
  
          6.   MISCELLANEOUS.
  
  Except for the properties, assets, and items listed on any
  schedule under Section I(A), any other property or asset
  which is not and has not been used primarily in the conduct
  of Seller's Business. 
  
     C.   USE OF SELLER'S NAME.
  
  Buyer acknowledges and agrees that it does not have and is
  not purchasing any rights in or to Seller's corporate name,
  "Speciality Minerals (Michigan) Inc.", or the name of any
  Affiliate (as defined in Section V(R)(1) of this Agreement)
  of Seller other than the names "Inland Lime and Stone
  Company" and "Port Inland"; and Buyer further agrees to
  obliterate any reference to Seller or Seller's name from any
  material transferred herein that will or may be viewed by
  customers, vendors or any member of the general public.  It
  is the intention of this provision that Buyer take, and Buyer
  agrees to take, all reasonable actions necessary to prevent
  customers, vendors and any member of the general public from
  associating Buyer's use of the Included Assets with Seller
  from and after the Closing Date, provided that nothing herein
  shall prevent the use of the names "Inland Lime and Stone
  Company" or "Port Inland" by Buyer.
  
     D.   METHOD OF TRANSFER.
  
  The sale of the Included Assets shall be effected by a Bill
  of Sale in substantially the form provided in Exhibit I(D)a,
  the delivery of Warranty Deeds to, and Assignments of the
  Real Property listed on Schedule I(A)(6) in substantially the
  forms provided in Exhibits I(D)b and I(D)c, respectively, and
  the execution, delivery, and recording of such documents as
  may be reasonably deemed necessary by Buyer's counsel.  All
  consents and other approvals necessary to transfer the
  Included Assets to Buyer and to permit Buyer to operate
  Seller's Business in a similar manner to that done by Seller
  prior to this Agreement shall be evidenced by such documents
  as are reasonably deemed necessary by Buyer's counsel.  Title
  to Real Property shall be determined in accordance with
  Section II.
  
     E.   ASSUMPTION OF LIABILITIES.
  
  Buyer assumes and agrees to perform and discharge when due
  Seller's obligations described in subsections 6, 7, 8, 9, 10,
  and 12 of Section I.A.  Seller shall retain responsibility
  for the payment of accounts payable relating to transactions
  occurring prior to the Closing Date.
  
  II.     TITLE AND RISK OF LOSS
  
     A.   RISK OF LOSS.
  
  Title to the assets being sold, assigned, transferred and
  conveyed hereunder shall pass to Buyer upon delivery of the
  portion of the Purchase Price (as hereinafter defined), that
  is due at Closing, on the Closing Date (as hereinafter
  defined) with the risk of loss being borne by Seller until
  such date and time, from and after which time risk of loss
  shall be borne by Buyer.
  
     B.   TITLE INSURANCE COMMITMENT.
  
  Seller has ordered a commitment for an owner's policy of
  title insurance, American Land Title Insurance ("ALTA")
  Owner's Policy Form 1992B (the "Title Commitment") from
  Chicago Title Insurance Company (the "Title Company") for
  each asset comprising a fee interest in real estate.  Copies
  of Title Commitments with respect to the Real Property
  located in Mackinac and Schoolcraft counties and with respect
  to the Real Property associated with the River Rouge Dock in
  Wayne county have been delivered to Buyer, Buyer acknowledges
  the receipt of the same, and Buyer accepts the state of title
  to the Real Property as set forth in said Title Commitments,
  subject to the title exceptions listed thereon as set forth
  on attached Schedule I(A)(6) and identified herein in Section
  V(C) as the "Permitted Encumbrances."
  
  III.    CLOSING
  
     A.   PLACE AND TIME.
  
  The closing of this transaction (hereinafter "Closing") shall
  take place at 10:00 a.m. on April 28, 1998, or on such other
  date as shall be mutually agreed between the parties in
  writing, effective as of 6:01 a.m. on April 27, 1998
  (hereinafter "Closing Date"), at the offices of Ulmer & Berne
  LLP, Buyer's counsel, at 1300 East Ninth Street, Suite 900,
  Cleveland, Ohio or at such other place as the parties hereto
  shall agree upon in writing.  If for any reason the Closing
  has not occurred by April 30, 1998, then this Agreement may
  be terminated by either party upon notice to the other party,
  and each party shall be relieved of all liability hereunder.
  
     B.   DELIVERIES AT THE CLOSING.
  
          1.   DELIVERIES BY BUYER.
  
  At the Closing, Buyer shall deliver to Seller:
  
               a.   The portion of the Purchase Price
                    deliverable at Closing.
  
                    The payment of the Purchase Price as
                    required pursuant to Article IV below.
       
               b.   Certificate of Incorporation; Bylaws.
  
                    Copies of the certificate of
  incorporation and bylaws of Buyer, certified by its Secretary
  or Assistant Secretary.
  
               c.   Certificates of Good Standing.
  
                    A certificate of good standing from the
  State of  Michigan with respect to Buyer, dated not earlier
  than 10 days prior to the Closing Date.
  
               d.   Board of Directors Resolutions.
  
                    A copy of the resolutions of Buyer's
  board of directors, approving the transactions contemplated
  herein and the execution, delivery and performance of this
  Agreement, certified by the Secretary or an Assistant
  Secretary of Buyer.
     
               e.   Incumbency Certificate.
  
                    A certificate of the Secretary or an
  Assistant Secretary of Buyer certifying the names and
  signatures of the officer or officers of Buyer who are
  authorized by Buyers board of directors to sign this
  Agreement and related documents. 
  
               f.   Opinion of Counsel.
  
                    An opinion of Ulmer & Berne LLP, counsel
  for Buyer, dated the Closing Date, in substantially the form
  attached hereto as Exhibit III (B)(1)(f).
          
               g.   Closing Certificate.
          
                    A closing certificate duly executed by
  any officer of Buyer authorized to do so, on behalf of Buyer,
  pursuant to which Buyer represents  and warrants to Seller
  that Buyer's representations and warranties to Seller are
  true and correct as of the Closing Date as if then originally
  made, that all covenants required by the terms hereof to be
  performed by Buyer on or before the Closing Date have been so
  performed, and that all documents to be executed and
  delivered by Buyer at the Closing have been executed by duly
  authorized officers of Buyer.
  
               h.   Limestone Availability Agreement.
       
                    The Limestone Availability Agreement
  referred to in Section VII(O) of this Agreement or a
  counterpart thereto fully executed  by  any officer of Buyer
  authorized to do so, on behalf of Buyer.
          
               i.   Other Documents.
          
                    Such other documents as Seller shall
  reasonably request.
  
          2.   DELIVERIES BY SELLER.
  
  At the Closing, Seller shall deliver to Buyer:
  
               a.   Transfer Documents.
  
                    The Bill of Sale, Assignments, Deeds and
  other documents required pursuant to Section I.
  
               b.   Certificate of Incorporation; Bylaws.
  
                    Copies of the certificate of
  incorporation and bylaws of Seller, certified by its
  Secretary or Assistant Secretary.
  
               c.   Certificate of Good Standing.
  
                    A certificate of good standing from the
  State of Michigan with respect to Seller, dated not earlier
  than 10 days prior to the Closing Date.
  
               d.   Board of Directors Resolutions.
  
                    A copy of the resolutions of Seller's
  board of directors, approving the transactions contemplated
  herein and the execution, delivery and performance of this
  Agreement, certified by its Secretary or an Assistant
  Secretary.
  
               e.   Incumbency Certificate.
  
                    A certificate of the Secretary or an
  Assistant Secretary of Seller certifying the names and
  signatures of the officer or officers of Seller who are
  authorized by Seller's board of directors to sign this
  Agreement and related documents.
  
               f.   Assignments and Consents.
  
                    Such assignments and consents of third
  parties or governmental entities as may reasonably be
  determined necessary or required by Buyer to transfer  the
  contracts, leases, permits and licenses and other Included
  Assets.
     
               g.   Opinion of Counsel.
          
                    An opinion of S. Garrett Gray, counsel
  for Seller, dated the Closing Date, in substantially the form
  attached hereto as Exhibit III (B)(2)(g).
          
               h.   Physical Possession.
          
                    Physical possession of all real estate
  and all tangible personal property included in the Included
  Assets.
          
               i.   Closing Certificate.
          
                    A closing certificate duly executed by
  any officer of Seller authorized to do so, on behalf of
  Seller, pursuant to which Seller represents  and warrants to
  Buyer that Seller's representations and warranties to Buyer
  are true and correct as of the Closing Date as if then
  originally made, that all covenants required by the terms
  hereof to be performed by Seller on or before the Closing
  Date have been so performed, and that all documents to be
  executed and delivered by Seller at the Closing have been
  executed by duly authorized officers of Seller.
  
               j.   Limestone Availability Agreement.
          
                    The Limestone Availability Agreement
  referred to in Section VII(O) of this Agreement or a
  counterpart thereof fully executed  by  any officer of Seller
  authorized to do so, on behalf of Seller.
          
               k.   Title Insurance.
     
                    An owner's policy of title insurance as
  described in Section II(B) of this Agreement covering the
  interests of Buyer or its nominee in the Real Property in the
  total amount of the Purchase Price (as hereinafter defined),
  allocated to the Real Property, subject only to the Permitted
  Encumbrances. 
          
               l.   Noncompetition Agreement.
  
                    A fully executed Noncompetition
  Agreement, as defined in Section VII(Q) of this Agreement.
  
               m.   Other Documents.
          
                    Such other documents as Buyer shall
  reasonably request.
  
  IV.     PURCHASE PRICE: PAYMENT
  
     A.   PURCHASE PRICE.
  
  The purchase price for the Included Assets (hereinafter,
  "Purchase Price") shall be an amount equal to the net book
  value of the Included Assets as of April 27, 1998, determined
  in accordance with accepted accounting principles as
  determined by Seller and applied on a consistent basis, which
  amount shall include the aggregate amount of all unamortized
  Deferred Charges (as defined below).
  
  As used herein, "Deferred Charges" means all costs and
  expenses incurred, including compensation and related costs,
  repairs and maintenance, and any other costs and expenses
  associated with Seller's Business during the non-operating
  period between approximately November 15, 1997 and April 6,
  1998.  For purposes of this Section, recognition of income
  and expenses shall be determined in accordance with accepted
  accounting principles as determined by Seller and applied on
  a consistent basis.
  
     B.   ADJUSTMENTS AND REIMBURSEMENTS.
  
          1.   REAL AND PERSONAL PROPERTY TAXES.
  
  Real and personal property taxes with respect to the Included
  Assets shall be prorated between Buyer and Seller as of the
  Closing Date based upon the most recent available tax
  duplicate, using the due date method of proration in which
  tax bills for the current year shall be deemed payable in
  advance.
  
          2.   DOCUMENTARY TRANSFER TAXES.
  
  Buyer and Seller shall share equally in the cost of all
  Documentary Transfer taxes, real estate transfer taxes and
  conveyance fees, if any, with respect to the sale of the
  Included Assets.
  
          3.   TITLE INSURANCE.
  
  Seller shall be responsible for the cost of the title
  examination and the Title Commitment covering Buyer's
  interest in the Real Property to be furnished as provided in
  this Agreement, and Buyer shall be responsible for the cost
  of the title insurance premiums.
  
          4.   HART-SCOTT-RODINO FILING.
  
  Buyer and Seller shall share equally in the cost of all
  filing or other fees required to satisfy the requirements of
  the Hart-Scott-Rodino Anti-Trust Improvements Act.
  
     C.   PAYMENTS AT CLOSING.
  
          1.   ESTIMATED PURCHASE PRICE.
  
  At the Closing, Buyer shall pay to Seller an amount equal to
  the net book value of the Included Assets as of March 29,
  1998, determined in accordance with accepted accounting
  principles as determined by Seller and applied on a
  consistent basis, which amount shall include all Deferred
  Charges (hereinafter Estimated Purchase Price"), less the
  Deferred Charges incurred by Seller between December 29, 1997
  and April 6, 1998 (the Deferred Purchase Price"), by wire
  transfer to an account designated by Seller.
  
          2.   DEFERRED PURCHASE PRICE.
  
  At the Closing, Buyer shall pay an amount equal to the
  Deferred Purchase Price into an escrow account with Key Bank
  N.A. (the Escrow Agent) by wire transfer pursuant to an
  escrow agreement in the form attached hereto as Exhibit
  IV(C)(2) (the Escrow Agreement").
  
          3.   OTHER COSTS AND EXPENSES.
  
  At the Closing, Seller and Buyer shall pay and/or reimburse
  each other or the Title Company for the amounts required to
  be paid or reimbursed pursuant to Section IV(B) of this
  Agreement.
  
     D.   POST-CLOSING PAYMENTS.
  
          1.   DETERMINATION OF AMOUNT.
  
  Within seven (7) days after the Closing Seller shall deliver
  to Buyer a written notice (Seller's Notice") which sets forth
  the aggregate amount of the Purchase Price, as determined by
  Seller in accordance with Section IV(A) of this Agreement,
  together with the workpapers and other documentation used or
  relied upon by Seller in calculating the Purchase Price.
  Within seven (7) days after the receipt of Seller's Notice,
  Buyer shall deliver to Seller a written notice (Buyer's
  Notice") which sets forth Buyer's objections, if any, to
  Seller's determination of the Purchase Price.  If Buyer does
  not object to the Purchase Price so determined by Seller, or
  if Buyer fails to deliver a Buyer's Notice to Seller within
  such seven (7) day period, then the Purchase Price, as
  determined by Seller, shall be final and binding upon the
  parties.  If Buyer delivers a Buyer's Notice to Seller within
  such seven (7) day period objecting to the Purchase Price
  determined by Seller, the parties shall use their best
  efforts to resolve any disputes with respect to the
  determination of the Purchase Price through good faith
  negotiations.  If such negotiations have not resulted in an
  agreement between the parties with respect to the aggregate
  amount of the Purchase Price within thirty (30) days after
  the Closing Date, an independent certified public accounting
  firm designated by Buyer and reasonably acceptable to Seller
  (the "Independent Accountants") shall determine the Purchase
  Price based upon the provisions of this Agreement.  Buyer and
  Seller shall cooperate fully with the Independent Accountants
  and shall share equally in all costs and expenses of the
  Independent Accountants.  The Purchase Price so determined by
  the Independent Accountants shall be final and binding upon
  the parties.
  
          2.   PAYMENT OF BALANCE DUE.
  
  If the Purchase Price, as finally determined in accordance
  with Section IV(D)(1) of this Agreement, is greater than the
  Estimated Purchase Price, Buyer shall pay Seller an amount
  equal to the difference between the Estimated Purchase Price
  and the Purchase Price as finally determined, which amount
  shall be paid by wire transfer to an account designated by
  Seller within three (3) business days after the final
  determination of the Purchase Price pursuant to Section
  IV(D)(1) of this Agreement.  If the Purchase Price, as
  finally determined in accordance with Section IV(D)(1) of
  this Agreement, is less than the Estimated Purchase Price,
  Seller shall pay Buyer an amount equal to the difference
  between the Estimated Purchase Price and the Purchase Price
  as finally determined, which amount shall be paid by wire
  transfer to an account designated by Buyer within three (3)
  business days after the final determination of the Purchase
  Price pursuant to Section IV(D)(1) of this Agreement.
  
          3.   THIRD-PARTY PAYMENTS AFTER CLOSING.
  
  Seller shall remain entitled to the benefit of any assets
  described in Section I(B), and to the extent that Buyer
  receives on or after the Closing Date payment on account of
  any such assets, Buyer shall hold the same in trust for
  Seller and shall pay over such payment and account therefor
  to Seller within five business days of receipt thereof.  To
  the extent that Seller received on or after the Closing Date
  payment on account of the business or assets sold hereunder
  in relation to the period after the Closing Date, Seller
  shall hold the same in trust for Buyer and shall pay over
  such payment and account therefor to Buyer within five (5)
  business days of receipt thereof.
  
  V. REPRESENTATIONS AND WARRANTIES OF SELLER
  
  The term "Disclosure Schedule" as used in his Agreement means
  the Disclosure Schedule delivered by Seller to Buyer
  concurrently with the execution and delivery of this
  Agreement.   Except as set forth in the Disclosure Schedule,
  Seller represents and warrants to Buyer that, as of the date
  of this Agreement and on the Closing Date:
  
     A.   DUE INCORPORATION.
  
  Seller is a corporation duly organized, validly existing and
  in good standing under the laws of the State of Michigan and
  has all requisite corporate power and authority to own or
  lease the Included Assets in the places where such assets are
  now owned or leased. Seller has all necessary corporate power
  sufficient to enable it to enter into, perform, and carry out
  the transactions contemplated by this Agreement.
  
     B.   AUTHORIZATION.
  
  No authorization or approval or other action by, and no
  notice to or filing with, any governmental authority or
  regulatory body is required for the due execution, delivery
  and performance of this Agreement, other than the 
  Hart-Scott-Rodino filing referred to in Section VII(M) of this
  Agreement.
  
     C.   TITLE.
  
  Seller has, and will convey to Buyer or its nominee, good and
  marketable title in fee simple to the Real Property (other
  than leased Real Property), free and clear of all interests,
  claims, liens and encumbrances, with no title defects
  whatsoever other than Permitted Encumbrances.  Seller has the
  corporate power and authority to sell, transfer, assign or
  convey, as the case may be, such Real Property.  As used in
  this Agreement, "Permitted Encumbrances" means:  those
  matters listed on Schedule I(A)(6); zoning, building or other
  restrictions, variances, easements and rights-of-way, none of
  which, individually or in the aggregate:  (A) interfere with
  or impair in any material respect the present use of the Real
  Property, (B) have more than an insignificant effect on the
  value thereof or its present use, or (C) would impair the
  ability of Buyer to sell the Real Property for its present
  use; and taxes on Real Property not yet due and payable. 
  Seller has, and will convey to Buyer or its nominee, good and
  marketable title to, and has the corporate power and
  authority to sell, transfer, assign or convey, as the case
  may be, the Included Assets (other than owned Real Property),
  free and clear of all liens, leases, pledges, charges,
  claims, encumbrances, security interests and equities.  As of
  the Closing Date, there will be no mortgage, trust deed,
  chattel mortgage, conditional sale agreement, security
  agreement, financing statement or other instrument
  encumbering any of the Included Assets except for Permitted
  Encumbrances.  There are no contracts, restrictions, liens,
  claims or encumbrances which will prevent Seller from giving
  to Buyer possession of the Included Assets or which will
  limit in any way Buyer's ability, in accordance with its
  ownership interest, to use, sell, or in any way handle, use
  or dispose of said assets.
  
     D.   LIMESTONE AND DOLOMITE RESERVES.
  
  To the best of Seller's knowledge, the written information
  with respect to Limestone and Dolomite reserves attached
  hereto as Exhibit V(D) is a reasonable estimate of such
  reserves located on or under the Real Property and to which a
  fee interest, leasehold interest, mineral right, or other
  right of exploitation in good standing will be transferred to
  Buyer as provided in this Agreement.
  
     E.   ALL MATERIAL ASSETS INCLUDED.
  
  There are no material assets or properties that were used in
  Seller's Business other than those described in the schedules
  to this Agreement or conveyed to Buyer under this Agreement. 
  Seller has set forth in the Disclosure Schedule a list of all
  software program and source codes, all claims and rights
  arising out of or related to customer purchase and sales
  orders, customer sales contracts, backlogs, contractual
  claims, rights  and benefits, rights against suppliers under
  warranties covering Product Inventories and General
  Inventories or equipment, and has set forth in Schedule
  I(A)(12) all governmental licenses, permits, approvals,
  authorizations, license applications, license amendment
  applications, operating rights and product registration,
  which in each case relate to Seller's Business or the
  Included Assets but which are not legally transferable by
  Seller or any Affiliate (as hereinafter defined) of Seller
  (collectively the "Nontransferable Assets").  Seller shall
  use reasonable efforts to make the Nontransferable Assets
  available for use by Buyer in connection with the operation
  of Seller's Business by Buyer from and after the Closing Date
  for no additional consideration if so requested by Buyer.
  
     F.   CONDITION OF ASSETS.
  
  To the best of Seller's knowledge, the plants, structures,
  equipment and other items of personal property owned by
  Seller which are part of the Included Assets are structurally
  sound with no material defects, are in good and safe
  operating condition and repair, and are adequate in all
  material respects for the uses to which they are being put,
  normal wear and tear excepted.
  
     G.   CERTAIN CLAIMS.
  
  To the best of Seller's knowledge, there are no facts which,
  if known by a potential claimant or governmental authority,
  would give rise to a claim or proceeding of any kind or
  nature whatsoever which, if asserted or conducted with
  results unfavorable to Seller, would have a material adverse
  effect on the Included Assets or Buyer's ability to operate
  Seller's Business in a similar manner as that conducted by
  Seller immediately prior to this Agreement.
  
     H.   CERTAIN VIOLATIONS OR PROCEEDINGS.
  
  There is no litigation or proceeding, in law or in equity,
  and there are no proceedings or governmental investigations
  before any commission or other administrative authority,
  pending or to the best of Seller's knowledge threatened
  against Seller with respect to or affecting Seller's Business
  or the Included Assets, or the consummation of the
  transactions herein contemplated, or the use of the Included
  Assets (whether by Buyer after the Closing or by Seller prior
  thereto) in a manner similar to that conducted by Seller
  immediately prior to this Agreement.  Seller's operation and
  management of Seller's Business, and the Included Assets, are
  in compliance in all material respects with all applicable
  orders, laws, ordinances, codes, regulations or other
  requirements of any governmental authority, including,
  without limitation, those relating to environmental
  protection, civil rights, occupational safety and health,
  mining and zoning, building and use requirements.
  
     I.   CERTAIN CONTRACTS, PERMITS AND LICENSES.
  
  All contracts, agreements, leases, warranty agreements,
  mineral leases and all licenses, Permits and governmental
  approvals and intangible assets listed on Schedule I(A)(6),
  Schedule I(A)(7), Schedule I(A)(8), Schedule I(A)(9),
  Schedule I(A)(10), Schedule I(A) (12), and Schedule I(A)(13)
  are in full force and effect and are, except as otherwise
  indicated on those Schedules, freely transferrable to Buyer
  or its nominee without the consent or approval of any third
  party.  There are no defaults, breaches or violations of or
  with respect to any such documents, and, to the best of
  Seller's knowledge, no event, occurrence or condition has
  occurred (or is threatened to occur) which, with the lapse of
  time, the giving of notice, or the happening of any further
  event or condition, or both would become a default or
  violation of any such document.  Seller is not bound by, and
  Buyer is not assuming, any commitment for the delivery of any
  of its products, including the Limestone Availability
  Agreement identified in Section VII(O), aggregating in excess
  of what can be delivered out of present inventories plus
  future production at current practicable capacity during the
  time available to satisfy such commitments.  There are no
  occupancy, sanitary district, water, sewage, air,
  environmental protection agency, natural resource department
  or other licenses or permits required by any federal, state,
  regional or local governmental authority for the ownership,
  use or operation of the Included Assets by Buyer in the
  conduct of Seller's Business.   To the best of Seller's
  knowledge, all Permits are in full force and effect, validly
  issued, and without violations on the part of Seller or its
  affiliates.
  
     J.   NO MATERIAL LOSS.
  
  Since January 1, 1997, Seller has not suffered or been
  threatened with any material loss of any Included Assets and
  has not entered into any material transaction related to the
  Included Assets. 
  
     K.   BROKERS.
  
  Other than as set forth in the Disclosure Schedule, Seller
  has not engaged any broker or finder in connection with the
  transaction contemplated herein, and Seller hereby agrees to
  indemnify and hold harmless Buyer against the claims of any
  broker or finder engaged by Seller.
  
     L.   INSURANCE.
  
  Seller will maintain in full force and effect through the
  Closing Date all insurance coverage which it presently
  carries on Seller's Business and the Included Assets.
  
     M.   ENVIRONMENTAL AND RECLAMATION LAWS.
  
          1.   DEFINITIONS.  As used in this Agreement, the
  following terms shall have the meanings indicated below:
  
               a.   Applicable Permit.  Any permit, license
  or document issued at or prior to the Closing Date that is
  necessary for Seller to do business in connection with
  Seller's Business in each of the jurisdictions in which it is
  qualified or authorized to do business.
  
               b.   CERCLA.  The Comprehensive Environmental
  Response, Compensation and Liability Act of 1980, 42
  U.S.C.Section 9601 et seq., as amended.
  
                c.  Claims.  All liens, encumbrances,
  security interests, mortgages, equities, options or pledges
  of every kind, nature and description.
  
               d.   Governmental Authority.  Any national,
  state or local government (whether domestic or foreign) and
  any political subdivision thereof or any other governmental,
  quasi-governmental, judicial, public or statutory
  instrumentality, authority, body, agency, bureau or entity,
  including, without limitation, any court, zoning authority,
  building inspector, or any arbitrator with authority to bind
  a party at law.
  
               e.   Hazardous Substances.  Any "hazardous
  substance," as defined in Section 101(14) of CERCLA; any
  "hazardous waste" as defined by Section 1004(5) of the
  Resource Conservation and Recovery Act, 42 U.S.C.Section 6901
  et seq. RCRA; any radioactive material (including "byproduct
  material," "depleted uranium," "source material," or "special
  nuclear material") as defined by The Atomic Energy Act, 42
  U.S.C. Section 2011 and 10 C.F.R. Section 40.4; any
  "hazardous chemicals" as defined by 29 C.F.R. Section
  190.1200 et seq. any "toxic pollutant," as listed pursuant to
  Section 307 of the Federal Water Pollution Control Act, 33
  U.S.C. Section 1251 et seq. any "hazardous air pollutant" as
  listed under Section 112 of the Clean Air Act, 42 Section
  7401 et seq., any oil as defined in The Oil Pollution Act of
  1990, 33 Section 2701 et seq. and any other material
  regulated by any state statute which is equivalent or
  comparable to the foregoing.
  
          2.   OPERATIONS IN COMPLIANCE.     The operations
  of the Seller's Business are in compliance, in all material
  respects, with all statutes, laws, ordinances, rules,
  regulations, judgments, orders and decrees, which are
  presently in effect and which are applicable to the Seller's
  Business.  These include, without limitation, laws relating
  to the protection of the environment, including laws relating
  to emissions, discharges, releases or threatened releases of
  pollutants, contaminants or hazardous or toxic materials or
  wastes, contaminated air, surface water, ground water, or
  land, or otherwise relating to the manufacture, processing,
  distribution, use, treatment, storage, disposal, transport or
  handling of pollutants, contaminants or Hazardous Substances.
  
          3.   NO VIOLATIONS.  There are no outstanding
  notices of violation, Claims, citations, complaints, penalty
  assessments, suits or other proceedings, administrative,
  civil or criminal, at law or in equity, pending or, to
  Seller's knowledge, threatened against the Seller by or
  before any governmental authority with respect to Seller's
  Business.  No investigation or review is pending or, to
  Seller's knowledge, threatened against Seller by or before
  any governmental authority with respect to any alleged
  violation of any Applicable Permit, law, regulation,
  ordinance, standard or order relating to Seller's Business. 
  Seller has received no notices stating that any third party
  intends to file suit under any environmental statute with
  respect to Seller's Business.  All Hazardous Substances and
  Solid Wastes (as defined in RCRA, 42 U.S.C. Section 6903(27))
  of Seller's Business have been transported and disposed of in
  compliance with all applicable laws and Applicable Permits. 
  Seller has no knowledge that any Hazardous Substances have
  ever been released, discharged or disposed of on or about the
  Facilities, other than incidents or matters which have been
  fully resolved under all applicable laws and regulations.
  
          4.   WASTE DISPOSAL.  Seller has not received from
  any Governmental Authority or third party any request for
  information, notice of Claim, demand letter, citizen suit
  notice or other notification to the effect that Seller may be
  potentially responsible with respect to any investigation or
  clean-up of Hazardous Substances released or Solid Wastes
  disposed of at any site pertaining to Seller's Business.  To
  Seller's knowledge, no Hazardous Substances or Solid Wastes
  generated by Seller from the Facilities have been sent,
  directly or indirectly, to any site listed or formally
  proposed for listing on the National Priority List
  promulgated pursuant to CERCLA, or to any site listed on any
  state list of hazardous substance sites requiring
  investigation or cleanup.
  
          5.   UNDERGROUND STORAGE TANKS.  All underground
  storage tanks previously located on Facilities currently
  occupied by Seller have been closed in place or removed in
  compliance with all applicable laws and regulations.
  
          6.   NO PCB'S.  No electrical, heat transfer or
  hydraulic equipment or other equipment containing
  polychlorinated biphenyl at levels of regulatory concern is
  located on any real property currently leased or occupied by
  Seller. 
  
          7.   HAZARDOUS SUBSTANCES.  None of the Facilities
  and, to Seller's knowledge, none of the properties leased
  and/or operated by Seller in connection with Seller's
  Business, is contaminated by or contains any Hazardous
  Substance.  Neither Seller nor any Affiliate of Seller has
  ever applied for "Interim Status" for the Facilities under 42
  U.S.C.Section 6925(e), and regulations enacted thereunder,
  nor are the Facilities subject to the treatment, storage and
  disposal regulations promulgated by any Governmental
  Authority under RCRA.
  
          8.   ASBESTOS.  Seller has not been notified that
  any claim has been made against Seller with respect to any of
  the Facilities currently occupied by Seller resulting from
  any asbestos or similar materials used in the construction
  thereof.
  
     N.   EXECUTION, DELIVERY, AND PERFORMANCE OF AGREEMENT.
  
  Neither the execution, delivery nor performance of this
  Agreement by Seller will, with or without the giving of
  notice or the passage of time, or both, conflict with, result
  in a default, right to accelerate or loss of rights under, or
  result in the creation of any lien, charge or encumbrance
  pursuant to, any provision of Seller's certificate of
  incorporation or by-laws or any franchise, mortgage, deed of
  trust, lease, license, agreement, understanding, law, rule,
  or regulation or any order, judgment or decree to which
  Seller is a party or by which Seller or the Included Assets
  may be bound or affected. This Agreement has been duly
  executed and delivered by Seller and constitutes the legal,
  valid and binding obligation of Seller, enforceable against
  Seller in accordance with its terms, except as enforcement
  may be affected by bankruptcy, moratorium or similar laws for
  the benefit of creditors generally, and subject to the
  availability of equitable relief.
  
     O.   PRODUCT INVENTORIES
  
  Except as specifically set forth in the Disclosure Schedule,
  no material portion of the Product Inventories consists of
  items which are not merchantable or which are not suitable
  and usable for the production or completion of merchantable
  products for sale within a reasonable period of time in the
  ordinary course of Seller's Business as first quality goods
  at normal mark-ups, or if required to be fit for any
  particular purpose of customers of Seller's Business, are so
  fit, and no material portion of the Product Inventories
  consists of any items which are slow-moving, obsolete, or of
  below-standard quality.  The quantities of all lines of
  Product Inventories are reasonable and appropriate in the
  present circumstances of Seller's Business.  The inventories
  of primary surge stone and other work in process which
  constitute part of the Product Inventories on hand on the
  date of this Agreement and on the Closing Date are and will
  be sufficient to satisfy the normal business needs therefor
  of Seller's Business as of the date of this Agreement and of
  the Closing Date, respectively, in a manner consistent with
  the historical practices of Seller's Business.
  
     P.   DOCKS
  
  The docks and dock faces which constitute part of the
  Facilities are in a safe and operable condition which will
  permit self-unloading bulk vessels of the type which
  customarily use the dock to safely reach the dock and remain
  afloat.  As of the Closing Date, the underwater areas
  adjacent to and leading to the docks which constitute part of
  the Facilities are adequately dredged by Seller at Port
  Inland and by the Corps of Engineers at Rouge dock to permit
  such self-unloading bulk vessels to safely reach, tie up next
  to, load to midsummer draft, and depart the Port Inland dock,
  and to safely reach, tie up next to, discharge cargo, and
  depart the Rouge dock in Detroit.
  
     Q.   INCLUDED ASSETS SUFFICIENT TO OPERATE SELLER'S
  BUSINESS
  
  All Included Assets, including mobile mine equipment and
  processing plant facilities, are in a condition which will
  permit Buyer to operate Seller's Business in a manner similar
  to that as operated by Seller prior to the date of this
  Agreement, reasonable wear and tear excepted.  The Included
  Assets, when taken as a whole, are suitable and sufficient to
  operate Seller's Business in a manner similar to that
  conducted by Seller immediately prior to the date of this
  Agreement.
  
     R.   ERISA AND LABOR LAW COMPLIANCE
  
          1.   DEFINITIONS.   As used in this Agreement, the
  following terms shall have the meanings indicated below:
  
               a.   Affiliate.  The term "Affiliate" shall
  include a corporation, which is a member of a controlled
  group of corporations with Seller within the meaning of
  Section 414(b) of the Code, or a trade or business (including
  a sole proprietorship, partnership, trust, estate or
  corporation) which is under Common Control with Seller within
  the meaning of Section 414(c) of the Code, or any entity
  which is a member of an affiliated service group within the
  meaning of Section 414(m) or (o) of the Code with Seller.
  
               b.   Code.  The Internal Revenue Code of 1986,
  as amended.  Reference to a specific Section of the Code
  shall include any regulation promulgated thereunder.
  
               c.   ERISA.  The Employee Retirement Income
  Security Act of 1974, as amended.
  
               d.   ERISA Plan.  Any ERISA Pension Plan and
  any ERISA Welfare Plan, regardless of whether such plan is
  tax qualified pursuant to Section 401 of the Code, including
  all employee benefit plans as defined in Section 3(3) of
  ERISA, and all bonus, stock option, stock purchase,
  incentive, deferred compensation, supplemental retirement,
  severance and other similar fringe or employee benefit plans,
  programs or arrangements, including all obligations,
  arrangements or customary practices, whether or not legally
  enforceable, to provide benefits other than salary or
  compensation for services rendered, to present or former
  directors, employees or agents of Seller or any Affiliate of
  Seller.
  
               e.   ERISA Pension Plan.  Any employee pension
  benefit plan as defined in Section 3(2) of ERISA which has
  been or is established or maintained by Seller or an
  Affiliate of Seller.
  
               f.   ERISA Welfare Plan.  Any employee welfare
  benefit plan as defined in Section 3(1) of ERISA which has
  been or is established or maintained by Seller or an
  Affiliate.
  
               g.   Governmental Authority.  Any national,
  state or local government (whether domestic or foreign) and
  any political subdivision thereof or any other governmental,
  quasi-governmental, judicial, public or statutory
  instrumentality, authority, body, agency, bureau or entity,
  including, without limitation, any court, zoning authority,
  building inspector, or any arbitrator with authority to bind
  a party at law.
  
               h.   Multi-Employer Plan.  Any plan as defined
  in Section 3(37) of ERISA to which Seller or any Affiliate
  has or has had an obligation to contribute, and for purposes
  hereof, shall include (i) a plan to which the provisions of
  Section 413(c) of the Code or Sections 4063 or 4064 of ERISA
  apply, and (ii) any union's sponsored welfare plan to which
  Seller or any Affiliate contributes.
  
               i.   Person.  Any natural person, corporation,
  partnership, firm, association, Governmental Authority or any
  other entity, whether acting in an individual, fiduciary or
  other capacity.
  
  
          2.   ERISA MULTIEMPLOYER PLANS.  Neither Seller nor
  any Affiliate is now or has ever been, a contributing
  employer to a Multiemployer Plan.
  
          3.   PROVISIONS APPLICABLE TO ERISA PLANS OTHER
  THAN MULTIEMPLOYER PLANS.  
  
               a.   Except as otherwise agreed to in writing
  by the Seller and Buyer, Seller shall retain all of the
  liabilities and obligations arising under any ERISA Plans
  including, without limitation, any obligation with respect to
  any Employees or former Employees of Seller or an affiliate,
  or any of such person's spouses, children, other dependants
  or beneficiaries.  Buyer shall not assume or have any
  responsibility relating to any ERISA Plan maintained by
  Seller.
  
               b.   Seller shall pay any claims with respect
  to occurrences arising prior to the Closing Date relating to
  (i) medical and dental benefits to the extent covered by the
  ERISA Plans and (ii) workers' compensation benefits when the
  same become due and payable, whether prior to or after the
  Closing Date.  Seller shall be solely responsible for any
  retiree medical liabilities and related costs of medical and
  life insurance for persons who shall have retired from Seller
  or an Affiliate on or prior to the Closing Date.  Seller
  shall be responsible for employee benefit claims of Employees
  (or their eligible dependents) with respect to Claim Events
  occurring prior to the Closing Date, and to the extent that
  Buyer implements benefit plans for Employees, Buyer shall be
  responsible for such claims with respect to Claim Events
  occurring on and after the Closing Date.  A Claim Event shall
  be defined as the illness or injury giving rise to a claim of
  the nature referred to in this Section V(R)(3)(b).
  
          4.   COBRA.  Seller shall offer to all of its
  employees at the time of Closing the right to continue their
  coverage under Seller's or an Affiliate's group health
  plan(s), such offer to be made in accordance with the
  continuation coverage requirement of part b of Subtitle B of
  Title I of ERISA and Section 4980B of the Code.
  
     S.   INTANGIBLE ASSETS.
  
  Schedule I(A)(13) sets forth a complete and accurate list and
  description of all of Seller's Intangible Assets. The
  Intangible Assets are free of any liens, claims or
  encumbrances and consist of all such rights used by Seller to
  conduct Seller's Business as currently being conducted.  To
  the best of Seller's knowledge, none of the Intangible Assets
  conflict with or have been alleged to conflict with or
  infringe the patents, trademarks, trade names, service marks,
  copyrights or other rights of any third party.  Seller has no
  knowledge of any use of any of the Intangible Assets by any
  third party.  All trademarks, trade names, service marks,
  d/b/a names, patents and patent applications, and copyrights
  and copyright applications which have been used by Seller in
  connection with Seller's Business but which are not included
  in the Intangible Assets are described in the Disclosure
  Schedule.
  
     T.   BOUNDARY LINES.
  
  There is no pending litigation or dispute concerning the
  location of the lines and corners of the Real Property, and
  the improvements constructed on the Real Property are
  entirely within the boundary lines of the Real Property.
  
     U.   NOTICE OF CONDEMNATION.
  
  Seller has not received notice of, nor is Seller aware of,
  any pending, threatened or contemplated action by any
  governmental authority having the power of eminent domain,
  which might result in any part of the Real Property being
  taken by condemnation or conveyed in lieu thereof.  Seller
  shall, promptly upon receiving any such notice or learning of
  any such contemplated or threatened action, give Buyer
  written notice thereof.
  
     V.   ASSESSMENTS.
  
  No assessments have been made against any portion of the Real
  Property which are unpaid (except ad valorem taxes for the
  current year which are not yet due and payable), whether or
  not they have become liens; Seller has received no notice of,
  and Seller is not aware of, any reassessment of the Real
  Property or any portion thereof; and Seller shall notify
  Buyer upon learning of any such assessments or reassessments.
  
     W.   UTILITIES.
  
  Those public utilities (including water, electricity, gas,
  sanitary sewage, storm water drainage facilities, and
  telephone utilities) sufficient to operate the Real Property
  for its current uses are available to the Real Property and
  are completed on the Real Property and, as may be
  appropriate, are connected to the improvements.  Seller has
  not received any notice of, nor is Seller aware of, any
  pending, threatened or contemplated action by any
  governmental authority having jurisdiction or by any other
  person or entity seeking to restrict access of such public
  utilities to the Real Property or the Facilities or to
  increase the cost of such access.
  
     X.   GOOD MINING PRACTICES
  
  Seller conducts its operation of Seller's Business
  substantially in accordance with good mining practices and
  all applicable local state and federal laws and regulations
  governing its operation, including, but not limited to:
  
          1.   Maintaining all existing means of ingress,
  egress and dock facilities and such other roads, bridges,
  fire overlooks, water and communication systems, as an
  orderly mining development may require.
  
          2.   Taking all necessary precautions against
  property loss and danger to lives from floods and water
  runoffs, installing and maintaining reasonable drainage
  courses, culverts and storage dams as may be warranted or
  otherwise required by all appropriate governmental
  requirements.
  
          3.   Maintaining on the real property all safety
  systems and facilities (and which are included as a part of
  the Included Assets) necessary for the operation of Seller's
  Business.
  
          4.   Developing and maintaining such natural on-site 
  water resources and water rights of the Real Property as
  are reasonable and sufficient to operate Seller's Business in
  a manner substantially equivalent to that conducted by Seller
  prior to Closing.
  
          5.   Carrying on a reasonable drilling, exploration
  and sampling program designed to not detract from the
  economic useful life of the mining operation and its mine.
  
          6.   Filing with all appropriate governmental
  agencies all required permit applications, notices of intent
  to mine, mining plans, and all reports of Seller's activities
  during its conduct of Seller's Business.
  
          7.   Consistently maintaining an ongoing program to
  mine, process and ship the known reserve deposits of minerals
  on the Real Property with the personnel and appropriate
  equipment needed on the Real Property for the efficient
  conduct of such activities.
  
          8.   Substantially complying with all health,
  safety and antipollution regulations of all federal, state,
  regional and local agencies and carrying adequate worker's
  compensation for its operation.
  
          9.   Maintaining proper records of all mineral
  production and sales of minerals and other products from
  Seller's operation of Seller's Business, logs of drilling,
  sampling, maps of proven and indicated reserves, mine
  workings, rods and watercourses, and maps of lands to be
  reclaimed and restored as required by good mining practices
  and mining or environmental permits governing Seller's
  Business.
  
          Y.   FINANCIAL STATEMENTS.
  
  Seller has delivered to Buyer copies of financial
  information, including income statements and statements of
  assets, with respect to Seller's Business for the fiscal
  years ended December 31, 1995, 1996 and 1997 and for the
  three months ended March 29, 1998, together with the
  certificate of Seller's Treasurer with respect thereto (the
  "Financial Statements"). The Financial Statements have been
  prepared internally by Seller or by an Affiliate of Seller in
  accordance with accepted accounting principles as determined
  by Seller or an Affiliate of Seller and applied on a
  consistent basis and present fairly the financial position
  and results of operations of Seller's Business at each such
  date.  There has been no change in accounting procedures or
  methods, or in the method of valuing inventories respecting
  Seller's Business, during the period covered by the Financial
  Statements.
  
     Z.   WETLANDS.
  
  Seller has filed an application with the State of Michigan,
  Department of Environmental Quality, for a permit pursuant to
  Part 303 of Michigan's Natural Resources and Environmental
  Protection Act in connection with Seller's proposed five-year
  mining plan, and such application is currently pending before
  the State.
  
     AA.  DISCLOSURE.
  
  No representation, warranty or other statement made by Seller
  in this Agreement and no statement in the Disclosure Schedule
  contains an untrue statement of material fact or omits to
  state a material fact necessary to make the statements in
  this Agreement and in the Disclosure Schedule, in the light
  of the circumstances in which they were made, not misleading. 
  Seller does not have knowledge of any fact that has specific
  application to Seller's Business (other than general economic
  or industry conditions) and that, as far as any officer or
  director of Seller or any Affiliate of Seller can reasonably
  foresee, materially threatens the Included Assets or the
  prospects of Seller's Business that has not been set forth in
  this Agreement or the Disclosure Schedule.
  
  VI.     REPRESENTATIONS AND WARRANTIES OF BUYER
  
     Except as set forth in the Disclosure Schedule, Buyer
  represents and warrants to Seller that, as of the date of
  this Agreement and on the Closing Date: 
  
     A.   CORPORATE ORGANIZATION.
  
  Buyer is a corporation duly organized, validly existing and
  in good standing under the laws of the state of its
  incorporation with corporate power and authority sufficient
  to enable it to carry out this Agreement. Buyer has the power
  and authority to own properties and carry on business. As of
  the Closing Date Buyer will be duly qualified to do business
  in the State of Michigan. The execution, delivery and
  performance of this Agreement have been duly authorized by
  all necessary corporate action of Buyer.
  
     B.   AUTHORIZATION.
  
  No authorization or approval or other action by, and no
  notice to or filing with, any governmental authority or
  regulatory body is required for the due execution, delivery
  and performance of this Agreement other than the 
  Hart-Scott-Rodino filing referred to in Section VII(M) of this
  Agreement.
          
     C.   BROKERS
               
  Buyer has not engaged any broker or finder in connection with
  the transactions contemplated herein.
  
     D.   CERTAIN PROCEEDINGS.
  
  There is no litigation or proceeding, in law or in equity,
  and there are no proceedings or governmental investigations
  before any commission or other administrative authority,
  pending or to Buyer's knowledge threatened against Buyer with
  respect to or affecting the consummation of the transactions
  herein contemplated, or the use of the Included Assets by
  Buyer after the Closing.
  
     E.   EXECUTION,  DELIVERY AND PERFORMANCE OF AGREEMENT.
  
  Neither the execution, delivery nor performance of this
  Agreement by Buyer will, with or without the giving of notice
  or the passage of time, or both, conflict with, result in a
  default, right to accelerate or loss of rights under, or
  result in the creation of any lien, charge or encumbrance
  pursuant to, any provision of Buyer's certificate of
  incorporation or bylaws or any franchise, mortgage, deed or
  trust,  lease, license, agreement, understanding, law, rule
  or regulation or any order, judgment or decree to which Buyer
  is a party or by which Buyer may be bound or affected. This
  Agreement has been duly executed and delivered by Buyer and
  constitutes the legal, valid and binding obligation of Buyer,
  enforceable against Buyer in accordance with its terms,
  except as enforcement may be affected by bankruptcy,
  moratorium or similar laws for the benefit of creditors
  generally, and subject to the availability of equitable
  relief.
  
  VII.    COVENANTS
  
     A.   CONSENTS.
  
  Seller and Buyer shall cooperate to obtain any consent or
  governmental approval with respect to the assignment of, or
  shall make alternate arrangements reasonably satisfactory to
  Buyer with respect to, any contract, lease, license or Permit
  which is to be assigned to Buyer hereunder and which may be
  required for such assignment to be effective.
  
     B.   PERIOD FROM EXECUTION TO CLOSING.
  
  From the date of this Agreement until the Closing, Seller
  will not, with respect to the Included Assets, engage in any
  material transaction including any material disposition of
  any of the Equipment, Inventories or Real Estate, without the
  prior written consent of Buyer.
  
     C.   PAYMENT OF TAXES.
  
  Seller shall pay when due any consolidated federal income tax
  liability, state or local corporate income or franchise tax
  liability (applied to each state or locality separately),
  payroll or other tax liability for the portion of any taxable
  period during which the income from Seller's Business is
  included in a consolidated return of the "affiliated group",
  within the meaning of Section 1504 of the Internal Revenue
  Code of 1986, as amended, of which Seller is a member. 
  Seller shall also pay when due all sales and use taxes and
  all other taxes and assessments of every kind and nature
  arising  out of the operation of the Seller's Business or the
  ownership of the Included Assets prior to the Closing.
  
     D.   PURCHASE PRICE ALLOCATION.
  
  Seller and Buyer shall allocate the Purchase Price for the
  Included Assets based upon an independent appraisal of the
  Included Assets to be completed by Buyer and concurred in by
  Seller after the Closing Date.  Buyer shall provide notice to
  Seller of such proposed allocation within a reasonable time
  after Buyer has completed the same, and Seller shall provide
  notice to Buyer whether Seller concurs in such allocation
  within a reasonable time after Seller's receipt of such
  proposed allocation.  The allocation shall be in accordance
  with federal and state laws and regulations, including but
  not limited to Section 1060 of the Internal Revenue Code of
  1986, as amended. Buyer and Seller each agree to file
  identical (except for taxpayer identification information)
  asset acquisition statements (IRS form 8594), in accordance
  with the agreed allocations for their respective taxable
  years which include the Closing Date. Buyer and Seller shall
  each indemnify, defend, save and keep the other party
  harmless against and from all liability, demands, claims,
  actions or causes of action, assessments, penalties, costs or
  expenses, including reasonable attorneys' fees, sustained or
  incurred by such other party as a result of the failure of 
  Buyer or Seller to properly file an asset acquisition
  statement in accordance with such agreed allocations.
  
     E.   INSPECTION BEFORE CLOSING.
  
  Pending the Closing, Seller shall furnish to Buyer all
  documents, reports and other information and data covering
  the Included Assets, and shall otherwise cooperate with Buyer
  in such manner as, Buyer may reasonably request.  Seller
  shall provide Buyer and its representatives with reasonable
  access to all financial records of Seller and its affiliates
  relating to Seller's Business and shall provide Buyer with
  copies of any such records requested by Buyer or its
  representatives.  Seller shall provide Buyer with copies of
  Seller's accounts payable records with respect to Seller's
  Business for the years ending December 31, 1995, 1996 and
  1997 and for the first two months of 1998.  At all reasonable
  times, Seller shall make the Facilities and the Included
  Assets available for examination and inspection by Buyer and
  its agents and representatives.
  
     F.   INSPECTION OF RECORDS AFTER CLOSING.
  
  From and after the Closing, Seller and Buyer shall each make
  their respective books and records, including tax and
  financial records, available to the other party with respect
  to all transactions of Seller's Business occurring prior to
  the Closing or relating to Seller's obligations which are
  assumed by Buyer (in the case of records owned by Seller, at
  its offices in Bethlehem, Pennsylvania, or such other place
  as shall be reasonable under the circumstances and, in case
  of records owned by Buyer, at its offices in Gulliver,
  Michigan, or its offices in Cleveland, Ohio or such other
  place as shall be reasonable under the circumstances), for
  inspection by the other party, or by its duly authorized
  representatives, for reasonable and necessary business
  purposes at all reasonable times during normal business
  hours, for a seven-year period after the Closing Date.  As
  used in this paragraph, the right of inspection includes the
  right to make extracts or copies at the expense of the party
  requesting such copies.  Buyer and Seller shall be permitted
  to destroy any of the books and records described in this
  Section VII(F) after three years following the Closing Date;
  provided, however, that for a period of seven years after the
  Closing Date, Buyer and Seller each shall give the other
  prior written notice of its intent to destroy any of the
  books and records described in this Section VII(F) and the
  party desiring to destroy records shall permit the other
  party to make reasonable arrangements to preserve or
  duplicate such records.
  
     G.   EMPLOYEES OF SELLER'S BUSINESS.
  
  Buyer shall offer employment as of the Closing Date to all
  employees of Seller's Business on the date immediately prior
  to the Closing Date, including any employees on vacation, but
  not any employees on short-term disability, worker's
  compensation,  long-term disability or leave of absence
  (hereinafter, "Employees" or, individually, "Employee"). 
  Such offer of employment to each Employee shall be at a rate
  of pay at least equal to such Employee's base rate of pay in
  effect on the day immediately prior to the Closing Date. 
  Buyer shall review the benefits provided by Seller to such
  Employees prior to the Closing Date and shall provide such
  Employees with benefits from and after the Closing Date of
  the types and in the amounts which Buyer provides to other
  similarly situated employees of Buyer.  Prior to the
  execution of this Agreement, Seller delivered to Buyer a
  listing of the current rates of pay, positions and dates of
  hire of the Employees. Buyer shall have no obligation
  whatsoever with regard to any persons who are not Employees
  or to Employees who do not accept Buyer's offer of
  employment.  Buyer shall be solely responsible for all
  salaries or wages and benefits accruing on or after the
  Closing Date. In the event Buyer terminates any Employee's
  employment with Buyer other than for cause within six (6)
  months after the Closing Date, Seller shall provide
  termination payments to such Employee in an amount equal to
  such Employee's then-current weekly rate of pay multiplied by
  such Employee's combined years of service with Seller and
  Buyer.  Seller shall retain the responsibility for, and
  indemnify, defend and hold Buyer harmless, against, all
  liabilities, claims and obligations of and to Employees,
  reported or unreported, which arise or accrue prior to the
  Closing Date including, but not limited to, their employment
  and the conditions thereof, employee welfare benefit plans of
  any type (including workers' compensation claims, medical and
  dental insurance coverage and long-term disability benefits)
  and salary, wages, bonus, deferred compensation, stock
  option, retirement, pension, or other benefit arrangement.
  
     H.   PRODUCT WARRANTIES.
  
  Buyer will cooperate with Seller concerning product
  warranties extended by Seller prior to Closing and shall
  promptly inform Seller of any complaints or claims made with
  respect to such warranties.  All such warranties shall remain
  the obligation of Seller, and Seller shall defend, indemnify
  and hold harmless Buyer against any loss, damage or expense
  relating to the same, provided that Buyer shall have complied
  with the requirement of notice and cooperation set forth in
  Section VII(I).  Buyer shall have the benefit of any express
  or implied warranties from the manufacturer or original
  seller of the Included Assets if the same is available to a
  transferee pursuant to the terms of the warranty, and Seller
  shall take all actions necessary and execute such instruments
  as are necessary to effect the transfer of the warranty.
  
     I.   THIRD PARTY CLAIMS.
  
  From and after the Closing, the parties shall provide prompt
  notice to one another and shall cooperate with each other
  with respect to any third party investigations and the
  defense of any claims or litigation made or commenced by
  third parties relating to the Included Assets or Seller's
  Business, provided that the party requesting cooperation
  shall reimburse the other party for the other party's
  reasonable out-of-pocket costs and expenses of furnishing
  such cooperation.  In the event Seller is required by law to
  mitigate impacts at the Facilities relating to Seller's
  operations, Buyer shall allow Seller to conduct such
  mitigation at the Facilities provided that Seller shall not
  unreasonably interfere with Buyer's ongoing or reasonably
  anticipated future mining operations.
  
     J.   BULK SALES LAWS.
  
  Seller and Buyer shall not give notice under the provisions
  of the Uniform Commercial Code of any states relating to bulk
  sales. Except as is otherwise specifically provided under
  this Agreement, Seller shall remain solely responsible to all
  of its creditors with respect to liabilities incurred
  relative to the conduct of Seller's Business prior to the
  Closing Date.  Notwithstanding anything to the contrary in
  this Agreement, Seller agrees to indemnify, defend and hold
  harmless Buyer for any loss or liability incurred by Buyer
  because of the failure to comply with the bulk sales laws of
  any state.
  
     K.   NOTICE;  BEST  EFFORTS TO  CONSUMMATE TRANSACTION.
  
  Each party shall promptly give the other party written notice
  upon its discovery of the existence or occurrence of any
  condition which would make any representation or warranty
  herein contained of either party untrue or which might
  reasonably be expected to prevent the consummation of the
  transactions herein contemplated. Neither Buyer nor Seller
  shall intentionally perform any act which, if performed, or
  omit to perform any act which, if omitted to be performed,
  would prevent or excuse the performance of this Agreement by
  Buyer or Seller or which would result in any representation
  or warranty herein contained being untrue in any material
  respect.
  
     L.   SCHEDULES.
  
  Buyer and Seller acknowledge that all Schedules and Exhibits
  referred to herein and not attached hereto at the time of
  execution shall be delivered after the date hereof, in
  accordance with this Section VII(L). Each party shall use its
  best efforts to deliver to the other each of the Schedules
  and Exhibits required to be delivered by such party as soon
  as possible and shall update all such Schedules and Exhibits
  as reasonably necessary prior to Closing and at Closing.
  
     M.   CASUALTY PRIOR TO CLOSING.
  
          1.   Effect on Purchase Price.
  
  If, prior to the Closing, any damage to or loss of any of the
  Included Assets occurs due to fire, flood, riot, act of God
  or other casualty (hereinafter "Casualty"), and if Buyer, in
  accordance with the provisions of this Agreement, does not
  elect, or is not permitted to elect, to terminate this
  Agreement, the Purchase Price (had there been no Casualty)
  shall be reduced by an amount equal to the value of such
  Casualty determined by the allocation provided under Section
  VII(D).
  
          2.   Termination Option.
  
  If, between the date hereof and the Closing, Casualty occurs
  to the Included Assets having a replacement cost of five
  million dollars ($5,000,000.00) or more, Buyer, at its
  option, may elect to terminate this Agreement or proceed to
  Closing.
  
     N.   HART-SCOTT-RODINO FILING.
  
  Seller and Buyer shall each use all reasonable efforts to
  expeditiously file completed notification reports under the
  Hart-Scott-Rodino Anti-Trust Improvements Act in connection
  with the transactions contemplated by this Agreement and will
  cooperate with each other in attempting to secure a waiver of
  the applicable waiting periods under the Act, and, upon the
  request of either the Federal Trade Commission or the United
  States Department of Justice, will use all reasonable efforts
  to supply such agency with any additional requested
  information as expeditiously as possible.
  
     O.   LIMESTONE AVAILABILITY AGREEMENT.
  
  As of the Closing Date, Buyer and Seller shall enter into a
  Limestone Availability Agreement in the form attached hereto
  as Exhibit VII(O).
  
     P.   CONFIDENTIALITY.
  
  In the event that the transactions contemplated by this
  Agreement are not consummated, Buyer will not use or
  disclose, nor will it permit any of its investors, employees,
  agents, or representatives to use or disclose, to any third
  parties, any written or oral information obtained from Seller
  or obtained through investigation of Seller's Business or the
  Included Assets, except to the extent that such information
  is publicly available or obtainable from independent sources
  or is required to be disclosed by law. In the event that the
  transactions contemplated by this Agreement are not
  consummated, any and all documents and other materials
  furnished by Seller to Buyer or its representatives, with
  respect to the transactions contemplated hereby, and all
  copies thereof, shall be returned to Seller forthwith.  This
  Section VII(P) shall survive any termination of this
  Agreement. In no event shall Buyer disclose to any third
  party information relating to any items set forth in the
  Disclosure Schedule, unless such disclosure is required by
  law, in which case Buyer shall provide advance notice of any
  proposed disclosure to Seller and shall afford Seller the
  opportunity to participate in such disclosure.
  
     Q.   NONCOMPETITION
  
  At Closing, Seller shall deliver a noncompetition agreement
  in the form attached hereto as Exhibit VII(Q), which prevents
  Seller, Specialty Minerals Inc., a Delaware corporation
  ("SMI"), Mineral Technologies Inc., a Delaware corporation
  ("MTI"), and any Affiliate of Seller, SMI or MTI from
  competing, directly or indirectly, against Buyer in the sale
  of any products currently sold from the Facilities as part of
  Seller's Business, in any geographic area serviced by Great
  Lakes shipping vessels, for a period of five (5) years after
  the Closing Date (the "Noncompetition Agreement").
  
     R.   OPERATION OF BUSINESS
  
  Seller shall operate, maintain and protect Seller's Business
  from the date of this Agreement until Closing in accordance
  with good operating and mining practices.  Except for the
  Deferred Charges, Seller shall not make, or incur liability
  for, any capital expenditures for additions or improvements
  to its plant or other business operations without Buyer's
  prior written consent.  Seller shall not pre-sell any product
  beyond that which can be produced through the normal
  operating rate of Seller's Business through the date prior to
  the Closing Date.  Seller shall not transfer or otherwise
  dispose of any Included Assets except for sales of Product
  Inventories to its customers in accordance with the terms of
  applicable customer orders and other transfers of Product
  Inventories in the ordinary course of business.  Seller shall
  not incur any obligation or liability, absolute, accrued,
  contingent, or otherwise, whether due or to become due,
  except for liabilities and obligations incurred in the
  ordinary course of Seller's Business. Seller shall not make,
  permit or suffer any adverse change in the financial
  condition of Seller's Business, the Included Assets, or its
  or Buyer's prospects for any aspect of Seller's Business
  prior to or after Closing, or waive any right or cancel or
  comprise any debt or claim included as part of the Included
  Assets, other than in the ordinary course of business. 
  Seller shall not make any material change in the rate of
  compensation, commission, bonus, perquisites, benefits or
  other remuneration payable, or paid or agreed to be paid to
  officers, directors, employees, salesmen or agents other than
  regularly scheduled increases about which Buyer has received
  prior notice and given its written consent.
  
     S.   DEFERRED CHARGES.
  
  From November 15, 1997 through the Closing Date, Seller has
  not incurred and will not incur any Deferred Charges or
  capital additions with respect to Seller's Business except
  for Deferred Charges and capital additions of the types and
  not in excess of the amounts set forth in Schedule VII(S)
  attached hereto.
  
  VIII.   CONDITIONS PRECEDENT TO BUYER'S OBLIGATIONS
  
  Each and every obligation of Buyer to be performed on the
  Closing Date shall be subject to the satisfaction prior
  thereto of the following conditions, upon the nonfulfillment
  of which this Agreement may be terminated in accordance with
  Section XIII;
  
     A.   REPRESENTATIONS AND WARRANTIES TRUE AT CLOSING.
  
  All representations and warranties made by Seller in this
  Agreement are true and correct in all material respects when
  given and on the Closing Date.
  
     B.   PERFORMANCE OF COVENANTS.
  
  Seller shall have performed and complied in all material
  respects with each and every covenant, agreement and
  condition required by this Agreement to be performed or
  complied with by it prior to or on the Closing Date.
  
     C.   NO MATERIAL ADVERSE CHANGE.
  
  There shall have been no material adverse change in the
  condition of the Included Assets or in the prospects for
  Seller's Business since the date hereof other than Casualty
  which has not resulted in termination of this Agreement.
  
     D.   NO LITIGATION.
  
  No suit or proceeding shall be pending before any court,
  administrative agency, governmental body or arbitration
  tribunal seeking to restrain, prohibit or restrict in any way
  the consummation of the transactions contemplated hereby, or
  to obtain damages or other relief in connection with this
  Agreement.
  
     E.   CORPORATE AUTHORITY.
  
  The execution, delivery and performance of this Agreement and
  the consummation of the transactions contemplated hereby
  shall have been approved by the Board of Directors of  Buyer
  and by the Board of Directors of Seller.
  
     F.   SCHEDULES.
  
  The Schedules and Exhibits which are required by this
  Agreement to be delivered to Buyer prior to Closing shall
  have been delivered to Buyer in accordance with the terms and
  provisions hereof and shall be in form and substance
  satisfactory to Buyer.
  
     G.   CONSENTS/GOVERNMENT APPROVALS.
  
  All consents to assignment, and all governmental approvals
  and consents, including the expiration or early termination
  of the Hart-Scott-Rodino waiting period, shall have been
  obtained or alternate arrangements reasonably satisfactory to
  Buyer shall have been made with respect to those contracts,
  leases,  licenses or permits for which in Buyer's reasonable
  judgment the inability to secure the benefits thereof would
  materially and adversely affect Buyer's ability to conduct
  business using the Facilities in a manner substantially
  equivalent to that conducted by Seller prior to Closing.
  
     H.   DELIVERIES.
  
  Buyer shall have received the items to be delivered pursuant
  to Section III(B)(2).
  
     I.   ENVIRONMENTAL ASSESSMENT.
  
  Buyer shall have received an environmental assessment of the
  Facilities reasonably satisfactory to Buyer and performed for
  Buyer's account by a consulting engineer chosen by Buyer
  ("Environmental Assessment"). Buyer shall inform Seller as to
  whether the Environmental Assessment is satisfactory to Buyer
  no later than the Closing Date.  If Buyer does not give
  notice to Seller that the Environmental Assessment is not
  satisfactory to Buyer on or before the Closing Date, this
  Section VIII(I) shall be waived by Buyer and shall be of no
  further force or effect.
  
     J.   TRANSFER OF ASSETS BY SMI.
  
  SMI shall have transferred to Buyer, for no additional
  consideration, all contract rights, permits and other assets
  relating primarily to Seller's Business which were titled in
  SMI's name prior to the incorporation of Seller and which
  remain titled in SMI's name as of the Closing Date, pursuant
  to instruments of transfer, assignment and conveyance which
  are acceptable to Buyer in form and substance, in each case
  to the extent legally transferable.
  
     K.   GUARANTY BY SMI AND MTI.
  
  SMI and MTI shall have entered into a Guaranty in the form
  attached hereto as Exhibit VIII(K), pursuant to which SMI and
  MTI shall, jointly and severally, absolutely and
  unconditionally guarantee the obligations of Seller under
  this Agreement and each of the other instruments and
  documents executed by Seller in connection with the
  transactions contemplated by this Agreement.
  
     L.   TRANSITION SERVICES AGREEMENT.
  
  Buyer, Seller and SMI shall have entered into a Transition
  Services Agreement (the "Transition Services Agreement") in
  the form attached hereto as Exhibit VIII(L) pursuant to
  which Seller and SMI will provide certain services to Buyer
  after the Closing relating to the operation of Seller's
  Business.
  
  IX.     CONDITIONS PRECEDENT TO SELLER'S OBLIGATIONS
  
  Each and every obligation of Seller to be performed on the
  Closing Date shall be subject to the satisfaction prior
  thereto of the following conditions, upon the nonfulfillment
  of which this Agreement may be terminated in accordance with
  Section XIII:
  
     A.   REPRESENTATIONS AND WARRANTIES TRUE AT CLOSING.
  
  All representations and warranties made by Buyer in this
  Agreement are true and correct in all material respects when
  given and on the Closing Date.
  
     B.   PERFORMANCE OF COVENANTS.
  
  Buyer shall have performed and complied in all material
  respects with each and every covenant, agreement and
  condition required by this Agreement to be performed or
  complied with by it prior to or on the Closing Date.
  
     C.   CORPORATE AUTHORITY.
  
  The execution, delivery and performance of this Agreement and
  the consummation of the transactions contemplated hereby
  shall have been approved by the Board of Directors of Buyer
  and the Board of Directors of Seller.
  
     D.   NO LITIGATION.
  
  No suit or proceeding is pending before any court,
  administrative agency, governmental body, or arbitration
  tribunal seeking to restrain, prohibit or restrict in any way
  the consummation of the transaction contemplated hereby or to
  obtain damages or other relief in connection with this
  Agreement.
  
     E.   DELIVERIES.
  
  Seller shall have received the items to be delivered pursuant
  to Section III(B)(1).
  
     F.   APPROVALS AND CONSENTS.
  
  All governmental approvals and consents, including the
  expiration or early termination of the Hart-Scott-Rodino
  waiting period, shall have been obtained.
  
     G.   GUARANTY BY ONC.
  
  Oglebay Norton Company, a Delaware corporation which is an
  Affiliate of Buyer ("ONC"),  shall have entered into a
  Guaranty in the form attached hereto as Exhibit IX(G),
  pursuant to which ONC shall absolutely and unconditionally
  guarantee the obligations of Buyer under this Agreement and
  each of the other instruments and documents executed by Buyer
  in connection with the transactions contemplated by this
  Agreement.
  
  X. SURVIVAL OF WARRANTIES AND REPRESENTATIONS
  
  The representations and warranties of Seller and Buyer
  contained in this Agreement or referred to in any closing
  document shall survive the Closing Date as hereinafter
  provided.  No claim shall be made for breach of any
  representation or warranty or indemnification with respect
  thereto, unless such claim is asserted in writing within (but
  not later than) three (3) years after the Closing Date.
  
  XI.     TAX RETURNS
  
  Each of Buyer and Seller shall honor all reasonable requests
  of the other for access to information relating to Seller's
  Business in the possession of the other that will assist the
  requesting party in preparation of a tax return relating to
  Seller's Business or the Included Assets for which the
  requesting party is responsible, or in the defense of such a
  return in the event of a subsequent audit.
  
  XII.    INDEMNIFICATION
  
     A.   SELLER'S INDEMNIFICATION COVENANTS.
  
  Seller shall indemnify, defend, save and keep Buyer, its
  Affiliates, their officers, directors, employees and agents,
  and their successors and assigns, harmless against and from
  all liability, demands, claims, actions or causes of action,
  assessments, penalties, costs, or expenses, including
  reasonable attorneys' fees, sustained or incurred by Buyer,
  its Affiliates, their officers, directors, employees or
  agents, or their successors or assigns:
  
          1.   as a result of or arising out of or by virtue
  of any incorrect representation or breach of warranty made by
  Seller to Buyer herein or in any closing document delivered
  to Buyer in connection herewith, provided, however, that
  Seller, in the absence of fraud or intentional
  misrepresentation by or on behalf of Seller, shall have no
  obligation to indemnify Buyer under this Section XII(A)(1)
  for any claim asserted by Buyer which arises after twenty-four
  (24) months after the Closing Date;
  
          2.   as a result of or arising out of or by virtue
  of the failure of Seller to comply with, or the breach by
  Seller of any of the covenants of this Agreement to be
  performed by Seller, provided, however, that Seller, in the
  absence of fraud or intentional misrepresentation by or on
  behalf of Seller, shall have no obligation to indemnify Buyer
  under this Section XII(A)(2) for any claim asserted by Buyer
  which arises after twenty-four (24) months after the Closing
  Date except for a breach of the covenant given in Section
  VII(Q), for which the indemnification period shall be five
  (5) years from the Closing Date; 
  
          3.   notwithstanding any other provision of this
  Agreement to the contrary, as a result of or arising out of
  or by virtue of any incorrect representation or breach of
  warranty made by Seller to Buyer in Section V(B), Section
  V(C)(relating to the Included Assets other than Real
  Property), Section V(M) or Section V(R), in any closing
  document delivered to Buyer in connection with such Sections,
  or Seller's failure to honor, discharge, pay or fulfill any
  responsibility, liability or obligation not assumed by Buyer
  pursuant to this Agreement, regardless of when such claim is
  asserted by Buyer; provided, however, that a claim shall not
  be asserted by Buyer with respect to any incorrect
  representation or breach of warranty made by Seller to Buyer
  in Section V(M)(2) unless and until the aggregate amount of
  all liabilities, demands, claims, actions or causes of
  action, assessments, penalties, costs or expenses, including
  reasonable attorneys' fees, sustained or incurred by Buyer,
  its Affiliates, their officers, directors, employees or
  agents, or their successors and assigns, exceeds the sum of
  One Hundred Thousand Dollars ($100,000), and then only to the
  extent of such excess; 
  
          4.   any increase in the cost of operation of
  Seller's Business during the 1998 and 1999 shipping seasons
  as a result of or arising out of or by virtue of any delay in
  the issuance of, or any failure or refusal to issue, the
  permit described in Section V(Z).  For purposes of
  determining the increase in the cost of operation of Seller's
  Business pursuant to this Section XII(A)(4), the parties
  hereby agree that the amount of such increase shall be deemed
  to be five cents ($.05) per ton of Limestone or Dolomite
  mined by Buyer until such permit is issued; and
  
          5.   as a result of, in consequence of or arising
  out of, under or by reason of any ERISA Plan maintained by or
  contributed to by the Seller or its Affiliates (including,
  but not limited to, any liability pertaining to any of
  Seller's obligations under the minimum funding standards of
  ERISA and of the Code).
  
     B.   BUYER'S INDEMNIFICATION COVENANTS.
  
  Buyer shall indemnify, defend, save and keep Seller, its
  Affiliates, their officers, directors, employees and agents,
  and their successors and assigns, harmless against and from
  all liability, demands, claims, actions or causes of action,
  assessments, penalties, costs, expenses, including reasonable
  attorneys' fees, sustained or incurred by Seller, its
  Affiliates, their officers, directors, employees or agents,
  or their successors and assigns:
  
          1.   as a result of or arising out of or by virtue
  of any incorrect representation or breach of warranty made by
  Buyer to Seller herein or in any closing document delivered
  to Seller in connection herewith, provided, however, that
  Buyer, in the absence of fraud or misrepresentation by or on
  behalf of Buyer, shall have no obligation to indemnify Seller
  under this Section XII(B)(1) for any claim asserted by Seller
  which arises after twenty-four (24) months after the Closing
  Date;
  
          2.   as a result of or arising out of or by virtue
  of the failure of Buyer to comply with, or the breach by
  Buyer of, any of the covenants of this Agreement to be
  performed by Buyer, provided, however that Buyer, in the
  absence of fraud or misrepresentation by or on behalf of
  Buyer, shall have no obligation to indemnify Seller under
  this Section XII(B)(2) for any claim asserted by Seller which
  arises after twenty-four (24) months after the Closing Date;
  and
  
          3.   as a result of or arising out of or by virtue
  of (i) any product liability claims made against Seller or
  Seller's Business resulting solely from any Products that are
  shipped from the Facilities at any time after the Closing or
  (ii) Buyer's failure to honor, discharge, pay or fulfill any
  liabilities or obligations assumed by Buyer in this
  Agreement.
  
     C.   NOTICE OF INDEMNIFICATION.
  
  In the event any legal proceeding or investigation shall be
  threatened or instituted or any claim or demand shall be
  asserted by any person in respect of which payment may be
  sought by one party hereto from the other party under the
  provisions of this Section XII (hereinafter, "Claim"), the
  party seeking indemnification (the "Indemnitee") shall
  promptly cause written notice of the assertion of any such
  Claim of which it has knowledge and which is covered by this
  indemnity to be forwarded to the other party (the
  "Indemnitor"), which notice must be received by the
  Indemnitor prior to the expiration of twenty-seven (27)
  months after the Closing Date (except for indemnification
  sought pursuant to Section XII(A)(3), Section XII(A)(4),
  Section XII(A)(5) or Section XII(B)3).  Any such notice shall
  state specifically the provision of this Agreement with
  respect to which the Claim is made, the facts giving rise to
  such Claim, and the amount of the liability asserted against
  the Indemnitor by reason of the Claim.
  
     D.   INDEMNIFICATION PROCEDURE FOR THIRD-PARTY CLAIMS.
  
  In the event of the initiation of any legal proceeding
  against an Indemnitee by a third party, the Indemnitor shall
  have the absolute right after the receipt of notice, at its
  option and at its own expense, to engage counsel of its
  choice and to defend against, negotiate, settle, (but not
  without the prior consent of Indemnitee which consent shall
  not be unreasonably withheld) or otherwise deal with any
  proceeding, claim, or demand which relates to any loss,
  liability, or damage indemnified against hereunder, and the
  Indemnitee shall cooperate fully with the Indemnitor.
  
     E.   EXCLUSIVE REMEDY.
  
  Except as is otherwise specifically set forth in this
  Agreement, the exclusive remedy available to a party hereto
  in respect of a breach by the other party of its obligations
  under this Agreement shall be to proceed in the manner set
  forth in this Section XII and subject to the limitations set
  forth herein.  Notwithstanding anything else in this
  Agreement to the contrary, the limitations of Section
  XII(A)(1) and the provisions of this Section XII(E) shall not
  apply to any breach of Seller's warranties set forth in the
  Warranty Deeds referred to in Section I(D)b.
  
     F.   RESPONSIBILITY UNDER CERTAIN ENVIRONMENTAL LAWS.
  
  No provision of this Agreement shall limit or otherwise
  restrict any liability or responsibility of either party to
  the other or in any manner under or in connection with the
  Comprehensive Environmental Response, Compensation and
  Liability Act, as amended, 42 USC 9601, et seq., the Resource
  Conservation and Recovery Act of 1976, as amended, 42 USC
  6901, et seq., and Parts 111 and 303 of the Michigan Natural
  Resources and Environmental Protection Act.
  
     G.   ARBITRATION.
  
  Each party agrees that to the extent any dispute arising in
  connection with this Agreement is not resolved by voluntary
  agreement of the parties, such dispute shall be finally and
  exclusively settled by arbitration in accordance with the
  provisions of this Section XII(G).  If any such dispute
  arises, either party may at any time deliver written notice
  that it intends to submit such dispute to arbitration.  If
  such a notice is delivered to the other party, then the party
  that delivered such notice shall be entitled to direct
  submission of the dispute to arbitration.  The party
  directing a submission to arbitration shall promptly deliver
  written notice to the other party.  Notwithstanding this
  Section XII(G), each party shall have the right to seek from
  any court of competent jurisdiction pending the establishment
  of the arbitral tribunal interim relief in aid of arbitration
  or to protect the rights of such party in respect of this
  Agreement.  Any request for such interim relief by a party
  shall not be deemed incompatible with, or a waiver of, this
  agreement to arbitrate.  Such arbitration shall be held in
  Detroit, Michigan (which shall be the exclusive location of
  such arbitration unless otherwise agreed by the parties) in
  accordance with the commercial arbitration rules and
  regulations of the American Arbitration Association, with
  pre-hearing discovery rights in accordance with the Federal
  Rules of Civil Procedure.  The determination of the
  arbitrators shall be conclusive and binding upon the parties,
  and any determination by the arbitrators of an award may be
  filed with the clerk of a court of competent jurisdiction as
  a final adjudication of the claim involved, where application
  may be made to such court for a judicial acceptance of the
  award and an order of enforcement, as the case may be.  The
  expenses of each party, including legal and accounting fees,
  if any, with respect to the arbitration, shall be borne by
  such party, except to the extent otherwise directed by the
  arbitrators.  The arbitrators shall designate the parties to
  bear the expenses of the arbitrators of the respective
  amounts of such expense to be borne by each party.
  
  XIII.   TERMINATION: RIGHT TO DAMAGES
  
  If this Agreement is terminated pursuant to its terms,
  neither party hereto shall have any claim against the other
  except if the circumstances giving rise to such termination
  were caused by the other party's willful breach of any
  covenant or agreement in this Agreement, by a representation
  known by such other party to be false when made, or by a
  closing document delivered by such other party being
  knowingly incorrect when delivered; in which events such
  termination shall be in violation of this Agreement and shall
  not be deemed or construed as limiting or denying any legal
  or equitable right or remedy of said party.
  
  XIV.    MISCELLANEOUS
 
     A.   LAW GOVERNING AGREEMENT.
  
  This Agreement shall be governed by and construed in
  accordance with the laws of the State of Michigan.
  
     B.   NOTICES.
  
  All notices, requests, demands and other communications
  hereunder shalt be deemed to have been duly given, if
  delivered by hand or mailed, by registered mail with postage
  prepaid:
  
          1.   To Seller.
  
  If to Seller, to:
  
     Mr. Paul R. Saueracker
     President
     Speciality Minerals Inc.
     405 Lexington Avenue
     New York, New York 10174-1901
  
  with a copy to:
  
     S. Garrett Gray
     General Counsel
     Minerals Technologies Inc.
     405 Lexington Avenue
     New York, New York 10174-1901
  
  or to such other person or address as Seller shall furnish to
  Buyer in writing.
  
          2.   To Buyer. 
  
  If to Buyer, to:
  
     Oglebay Norton Company
     1100 Superior Avenue
     Cleveland, Ohio 44114
     Attention: Jeffrey S. Gray
     Vice President-Corporate Development and Legal Affairs
  
  with a copy to:
  
     Christopher C. McCracken, Esq.
     Ulmer & Berne LLP
     Bond Court Building
     1300 East Ninth Street, Suite 900
     Cleveland, Ohio 44114
  
  or to such other person or address as Buyer shall furnish to
  Seller in writing.
  
     C.   EXPENSES.
  
  Except as otherwise provided herein, each of the parties
  shall be responsible for the fees and expenses of its
  counsel, brokers, and other agents and any other costs
  incurred by it in connection with the transaction
  contemplated hereby.
  
     D.   HEADINGS.
  
  The headings in the paragraphs of this Agreement are inserted
  for convenience only and shall not constitute a part hereof.
  
     E.   FURTHER COOPERATION
  
  From and after the Closing Date, Buyer and Seller agree to
  execute and deliver all other documents and to take such
  other action or corporate proceedings as may be reasonably
  necessary or desirable to confirm and vest title to the
  Included Assets in Buyer and to carry out and give effect to
  all of  the terms and conditions of this Agreement.  Without
  limiting the generality of the foregoing, Seller, SMI and
  Buyer shall cooperate with each other with respect to the
  services to be provided to Buyer pursuant to the terms of the
  Transition Services Agreement.
  
     F.   NO THIRD PARTY BENEFICIARIES.
  
  Rights and duties hereunder shall inure to the benefit of the
  parties hereto only and not to the benefit of any third
  parties, including but not limited to, employees of Buyer or
  Seller.
  
     G.   SEVERABILITY.
  
  If any provision of this Agreement shall be deemed or
  adjudged invalid or unenforceable to any extent, the
  remainder of this Agreement shall not be affected thereby and
  shall be enforced to the full extent permitted by law.
  
     H.   BINDING AGREEMENT AND ASSIGNABILITY.
  
  Each term and provision of this Agreement shall be binding
  upon and enforceable against any successors or assigns of
  Seller or Buyer. This Agreement shall not be assignable by
  either party without the consent of the other party except
  that Buyer may assign this Agreement to any entity which is
  controlled by Buyer without the consent of Seller.
  
     I.   COMPLETE AGREEMENT.
  
  This document and the documents (including exhibits and
  schedules) referred to herein contain the complete agreement
  between the parties and supersede any and all prior
  understandings, agreements or representations by or between
  the parties, written or oral, which may have related to the
  subject matter hereof in any way.
  
     J.   COUNTERPARTS.
  
  This Agreement may be executed in two or more counterparts,
  each of which shall be deemed an original, but all of which
  together shall constitute one and the same instrument.
  
     K.   NON-WAIVER AND OTHER MISCELLANEOUS MATTERS.
  
  No delay on the part of Seller or Buyer in the exercise of
  any right, power or remedy shall operate as a waiver thereof,
  nor shall any single or partial exercise by Seller or Buyer
  of any right, power or remedy preclude other or further
  exercise thereof, or the exercise of any other right, power
  or remedy. No amendment, modification, termination or waiver
  at or consent with respect to, any provision of this
  Agreement shall in any event be effective unless the same
  shall be in writing and signed and delivered by Seller and
  Buyer, and then any such amendment, modification,
  termination, waiver or consent shall be effective only in the
  specific instance and for the specific purpose for which
  given.  Consummation of the transaction contemplated herein
  shall not be deemed a waiver or a breach of any
  representation, warranty or covenant or of any party's rights
  and remedies with regard thereto.  No specific
  representation, warranty or covenant shall limit the
  generality or applicability of a more general representation,
  warranty or covenant. A breach of any representation,
  warranty or covenant shall not be affected by the fact that a
  more general representation, warranty or covenant was not
  also breached.
  
     L.   PUBLICITY AND NEWS RELEASES.
  
  Except as required by law, no publicity, release or
  announcement concerning the transactions contemplated by this
  Agreement shall be issued without the advance approval in
  writing of the substance thereof by each of the parties
  hereto and their respective legal counsel. Each party will
  consult with the other as to any release or announcement
  required by law prior to the making of the same.
  
     IN WITNESS WHEREOF, the parties have executed this
  Agreement as of the date first written above.   
  
                         SELLER
  
                         SPECIALTY MINERALS (MICHIGAN) INC.
  
                              By____/s/ William A. Kromberg__________
  
                              Title__Vice President _________________
  
  
                         BUYER
  
                         OGLEBAY NORTON LIMESTONE COMPANY
  
                              By______/s/ Jeffrey Gray ______________
  
                              Title___Vice President_________________
                                                    EXHIBIT 15

                ACCOUNTANTS' ACKNOWLEDGMENT


The Board of Directors
Minerals Technologies Inc:

Re:  Registration Statement Nos: 33-59080, 33-65268 and 
     33-96558

  With respect to the subject registration statements, we
acknowledge our awareness of the use therein of our report
dated July 31, 1998, related to our review of interim financial
information.

Pursuant to Rule 436(c) under the Securities Act of 1933,
such report is not considered a part of a registration
statement prepared or certified by an accountant or a report
prepared or certified by an accountant within the meaning of 
Sections 7 and 11 of the Act.

   Very truly yours,


   KPMG Peat Marwick LLP


New York, New York
August 6, 1998

 

5 This schedule contains summary financial information extracted from the condensed consolidated financial statements of Minerals Technologies Inc., and is qualified in its entirety by reference to such condensed consolidated financial statements. 1,000 6-MOS DEC-31-1998 JUN-28-1998 39,716 0 109,030 0 57,997 217,955 850,950 355,285 735,050 91,489 88,323 0 0 2,550 581,057 735,050 299,854 299,854 206,529 206,529 10,159 0 0 40,657 13,248 27,458 0 0 0 27,548 1.22 1.18 (EPS-PRIMARY) DENOTES BASIC EPS
 

5 This schedule contains summary financial information extracted from the condensed consolidated financial statements of Minerals Technologies Inc., and is qualified in its entirety by reference to such condensed consolidated financial statements. 1,000 6-MOS DEC-31-1997 JUN-29-1997 19,385 0 115,140 0 64,239 211,296 831,021 333,258 720,827 80,216 102,391 0 0 2,531 522,969 720,827 289,391 289,391 204,501 204,501 10,224 0 0 34,242 10,957 22,929 0 0 0 22,929 1.02 1.00 (EPS-PRIMARY) DENOTES BASIC EPS