Integrated PGM converting process. The process includes smelting a catalyst material in a primary furnace, smelting the primary furnace slag in a secondary furnace, converting the collector alloys from the primary and secondary furnaces in a converter to recover PGM enriched alloy and converter slag, separating the recovered converter slag into first and second converter slag portions, and supplying the first converter slag portion to the secondary furnace for smelting with the primary furnace slag. The process can also include low- or no-flux converting; refractory protectant addition; magnetic slag separation; partial feed pre-oxidation; staged slagging; and/or jacketing the converter.