The invention relates to a process for the separation and recovery of non-ferrous metals from zinc-bearing residues, in particular from residues produced by the zinc manufacturing industry. The process allows for the valorisation of metal values in a Zn-, Fe- and Pb-bearing residue, and comprises the steps of: subjecting the residue to a direct reduction step, thereby producing a metallic Fe-bearing phase and Zn- and Pb-bearing first fumes; extracting the Zn- and Pb-bearing first fumes and valorising Zn and Pb; subjecting the metallic Fe-bearing phase to an oxidising smelting step, thereby producing an Fe-bearing slag and second metals-bearing fumes; extracting the second metals-bearing fumes and valorising at least part of their metallic content. The main advantage of this process is that an environmentally acceptable output for Fe is obtained.