The study object was slag from the Balkhash copper smelter, obtained by re-melting anode mud containing nonferrous metals. The process flow for processing these slags includes sintering with Na2SO4, Na2CO3, and coal, followed by soda-alkaline leaching of the sinter and extraction of metals from the solution into marketable products. Since sintering is the main operation providing high selectivity, the composition of the products of this process was studied. The main transformations during sintering were determined, and the optimal parameters were identified. The structures of slags and sintered materials obtained during the experiments were studied by electron-probe microanalysis. Sintering was performed at 600–800 °C. The best results for sulphidization of slag components were obtained at 800 °C; a further increase in temperature leads to the smelting of sinter particles and slows down sulphidization. The optimal quantities of additives, based on the weight of the slag, are Na2SO4—45%, Na2CO3—15%, and reducing agent—41%, with a sintering time of 2 h. These conditions enable the sulphidization of non-ferrous metals in the slag to the entire depth of the polymetallic globules. The distinct concentration of harmful impurities (Ni, As, and Sb) was observed in the fine structure of the polymetallic globules.