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FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, 
Section 17(a) of the Public Utility Holding Company Act of 1935 or 
Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person*

    Valles,      Jean-Paul

 2. Issuer Name and Ticker or Trading Symbol

   Minerals Technologies Inc. (MTX)

6. Relationship of Reporting Person(s) to Issuer
 (Check all applicable)
   X    Director                              10% Owner
         Officer (give                       Other (specify
           title below)                           below)
 

____________________________________________                    
       (Last)              (First)              (Middle)

           Minerals Technologies Inc.
              405 Lexington Avenue		 3. I.R.S. Identification Number
of Reporting Person, if an
entity (voluntary)
 		4. Statement for
 Month/Day/Year

 1/2/03

                            (Street)

  New York,             NY               10174 

5. If Amendment, 
 Date of Original
 (Month/Day/Year)

 7. Individual or Joint/Group Filing (Check Applicable Line)
   X    Form filed by One Reporting Person
         Form filed by More than One Reporting Person
       (City)                       (State)                  (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
(Instr. 3)

2. Transaction Date
(Month/Day/Year)

2A. Deemed Execution Date, 
if any
(Month/Day/Year)

3. Transaction Code
(Instr. 8)

4. Securities Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)

5. Amount of Securities Beneficially Owned Following Reported Transaction)
(Instr. 3 and 4)

 

6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)

7. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

V

Amount

(A) or (D)

Price
                       
                       
                       
                       
                       
                       

 

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr.3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date
(Month/Day/
Year)

3A. Deemed Execution Date, 
if any
(Month/Day/
Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)

11. Nature of 
Indirect Beneficial Ownership
(Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares
Phantom Stock Units 1 for 1 12/18/02 -- J -- 1.376 -- * * Common Stock 1.376 43.40 -- D  --
Phantom Stock Units 1 for 1 1/02/03 -- J -- 63.731 -- * * Common Stock 63.731 43.15 -- D  --
Phantom Stock Units 1 for 1 1/02/03 -- J -- 16.250 -- * * Common Stock 16.250 44.25 2468.875 D  --
                               
                               
                               
                               
Explanation of Responses:

*

The Phantom Stock Units were accrued under the Minerals Technologies Inc. Non-Funded Deferred Compensation and Unit Award Plan for Non-Employee Director's and are to be settled in cash upon the reporting person's retirement.

 

S. Garrett Gray for Jean-Paul Valles January 3, 2003
Jean-Paul Valles
**Signature of Reporting Person		 Date

Reminder:

Report on a separate line for each class of securities beneficially owned directly or indirectly.

*

If the form is filed by more than one reporting person, see Instructions 4(b)(v).

**

Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:

File three copies of this Form, one of which must be manually signed.
If space is insufficient, see Instruction 6 for procedure.