The disclosure is directed to a process for producing separable iron and titanium oxides from an ore containing titanium oxide and ferric oxide, comprising: (a) forming agglomerates comprising carbon-based materials and the ore, the quantity of carbon of the agglomerates being sufficient for, at an elevated temperature, reducing ferric oxide to ferrous oxide and forming a ferrous oxide-rich molten slag, (b) introducing the agglomerates onto a carbon bed of a moving hearth furnace; (c) heating the agglomerates in the moving hearth furnace to a temperature sufficient for reducing and melting the agglomerates to produce a ferrous oxide-rich molten slag; (d) metallizing the ferrous oxide of the molten slag by reaction of the ferrous oxide and the carbon of the carbon bed at a furnace temperature sufficient for maintaining the slag in a molten state; and (e) solidifying the slag after metallization of the ferrous oxide to form a matrix of titanium oxide-rich slag having a plurality of metallic iron granules distributed there through; and (f) separating the metallic iron granules from the slag, the slag comprising greater than 85% titanium dioxide based on the entire weight of the matrix after separation of the metallic iron. The disclosure is also directed to a metallization product of a ferrous oxide-rich molten slag.