A process for extracting metal values from ores or residues is disclosed. The process mentioned above is mainly suitable for aluminoferrous ores such as bauxite, titanoferrous ores such as ilmenite, or residues such as red mud waste. The process involves pulverizing the ore and/or residue and mixing with a carbonaceous material, followed by smelting the iron values and slag in the mixture to yield molten iron and oxides of aluminum and titanium. The process is simple, cost-effective, and provides effective extraction of high purity metal values.