This work proposes an environmentally safe and economically feasible method of waste copper-nickel production slag utilization (Kola Mining-Metallurgical Company, Nornickel, Kola Peninsula, Russia). This process involves the decomposition of slag by diluted solutions of sulfuric acid (7–10 wt.% H2SO4) with a transfer in a solution of more than 70% silicon, 77% iron and 78% magnesium, and a concentration of non-ferrous metals in the residue (~70%). Copper ions were used in the leaching stage to prevent the release of hydrogen sulfide into the working atmosphere. Dehydration of the solution, followed by washing of water-soluble sulphates from silica, was carried out to separate silica from the leaching solution. The dehydration temperature effect on the silica structural characteristics was determined. The possibility of recovering non-ferrous metals from solutions after silica extraction by precipitation, in the form of copper cementite, and the sum of nickel and cobalt sulfides, was evaluated. Pigment-grade iron dioxide, magnesium sulphate and aluminium hydroxide were obtained by dehydration of the solution after extraction of base metals, calcination and other operations. Sulfuric acid leaching resulted in the disclosure of sulfide grains encapsulated in ferrosilicate, which is a favorable factor for flotation. The depleted residue can be successfully used in the construction industry.