The extraction of copper and cobalt from smelting slag could significantly augment the supply of these metals, which are essential to facilitating the transition to green energy while simultaneously addressing environmental concerns regarding slag disposal. However, the complex mineral composition of copper slag poses an enormous challenge. This study investigated thermodynamic simulations using the HSC Chemistry software, mineralogical characterisation and carbocatalytic reduction for extraction of copper and cobalt from smelting slag. X-ray diffraction (XRD) and field- emission scanning electron microscope with energy dispersive X-ray spectroscopy (FESEM-EDS) were employed to examine the morphologies of copper slag before and after the reduction process. The XRD analysis revealed that the primary phases in the smelting slag were Fe2SiO4 and Fe3O4. The FESEM-EDS analysis verified the presence of these phases and yielded supplementary details regarding metal embedment in the Fe2SiO4, Fe3O4 and Cu phases. The HSC Chemistry results review that carbocatalytic reduction process expedited the transformation of copper slag microstructures to amorphous and metallic phases. The equilibrium phase composition shows that the carbothermic reduction of Fe3O4 at various temperatures proceeded stepwise as Fe3O4 -> FeO -> Fe. Meanwhile, Fe3O4 was first catalysed at low temperature of 300C before being reduced to metallic phase at 545C. Finally, leaching experiments using H2SO4 yielded high extractions of Cu, Co, and Fe.