A composition for thermally insulating and protecting structures against corrosion comprising a mixture of about 80% to about 20% by volume mineral particles not having vesicular pores, said mineral particles being selected from the group consisting of silicate minerals and carbonate minerals, said particles having a particle size smaller than about 150 mesh Tyler standard sieve size, said particles being coated with a water repellant material;
- and about 20% to about 80% by volume of a low density granular mineral material having a particle size larger than the mineral particles, each granule thereof having vesicular pores such that said granular mineral material has a bulk density from about 3 to about 65 pounds per cubic foot, said granular mineral material being coated with a water repellant material selected from the group consisting of silicones, asphalts, waxes and gilsonite.