The invention relates to a process for the recovery of valuable metals from sulfidic, silicate-containing raw materials by slurrying the raw material in water, by subjecting the slurry to a selective leach under atmospheric conditions and in an acidic milieu, and by separating the valuable-metal containing solution from the solid leach residue.When the leach is carried out by introducing an oxygen-bearing gas into the slurry which contains finely-divided sulfide and carbon, the acidity of the slurry drops in a controlled manner so that a high efficiency of oxygen, and a high selectivity of the leach as regards valuable metals, are obtained. Owing to the presence of carbon the oxygen is reduced very easily and so oxygen efficiency is high and the rate of dissolving of the valuable metals increases in the slurry mixture.