The base metal distribution in, and losses to, Anglo Platinum six-in-line and slag cleaning furnace slags were characterised to coincide with various process changes at Waterval Smelter from 1999 to 2009. The base metals are presumed to be reliable indicators of PGE losses and are easier to detect and measure than these elements are. In addition, base metal and sulphur levels are used to monitor and control many smelter processes, including slag cleaning and converting. Some losses to slag are recoverable but others are not – these have been quantified during this study. Slag composition and smelting temperatures have varied substantially, and optimisation of the slag cleaning furnace – a first for the South African platinum industry – has produced a wide variation in oxidation conditions. Most of the base metal losses in the slag cleaning furnace are mechanically entrained matte particles, the largest of which should be recovered. These have been examined to establish any relationship between composition, size, and depth within the furnace so that recommendations can be made to limit these types of losses. In the six-in-line furnaces, over half of base metal losses to slag are as dissolved phases, which are not recoverable. Levels of dissolved metals have been measured and related to furnace operating conditions and slag composition. The prediction of such base metal losses is not easy, because the slag compositions are so complex. One aspect of the project has been to compare the measured distribution of the base metals with those calculated using the FactSage equilibrium model, to identify problem areas, and to recommend actions which could improve the predictions of this and similar modelling programs for base metal dissolution in slag. New electron microbeam techniques have been developed to quantify base metal distribution in slag, and novel combinations of these techniques with analytical chemistry and Mössbauer Spectroscopy have been pioneered.