In the reduction stage of the secondary copper production process, copper, nickel, lead, and tin are collected in a “black copper”, while zinc is volatilized and precipitated as ZnO in the flue dust. The slag coming from this reduction stage is low in valuable metals and is disposed. In the conversion stage, lead and tin are oxidized and incorporated in the slag phase; in accordance with the oxygen potential, this “converter slag” also contains higher contents of copper and nickel. This slag is then reduced in two stages. From the first stage, a copper–nickel metal is returned to the converter stage, and in the second stage, a crude PbSn composite with copper contents of around 10% and nickel contents of around 2.5%, as well as a further usable slag, is obtained from the “secondary” slag. Iron is used as a reducing agent, so that the metal obtained can contain iron of up to over 10%, depending on the reduction duration. The motivation of this investigation is to provide a method for the subsequent refining of the raw PbSn composite, with the aim of obtain a saleable PbSn composite as well as returning the copper and nickel contents quantitatively to the main copper route or to sell them as an alloy. Therefore, the present work aims to investigate the refining of the raw PbSn composite by the separation of the copper, nickel, and iron via the segregation of intermetallic phases. For that, a series of experiments were performed on the formation and subsequent segregation of intermetallic phases, by introduction of an additional element to the system. The results indicated sharper separation of PbSn composite and copper, nickel, and iron due to the higher thermodynamic stability of these phases (selectivity).