A new recycling process, according to the zero-waste concept, was investigated for an iron rich waste stream, more specifically a secondary lead smelting matte. The process consists of a selective citrate leaching of Pb, Cu, Ni and Zn in combination with a roasting step, leading to a simultaneous recovery of hematite as a secondary iron resource. The parameters, such as leaching time, leaching temperature, H2O2 concentration and roasting temperature, were experimentally optimized. The maximum Pb leaching efficiency was 93% and the leachability of Cu (33%) and Zn (11%) increased slightly in the presence of 0.5M H2O2 in 1M citrate at 25°C and pH5.5. Importantly, almost no Fe was leached (<0.6%) from the iron rich matrix material at this condition allowing for a maximal recovery of hematite as a secondary resource after further treatment (i.e. roasting or sulfur removal). The leachability of Pb, Cu, Ni and Zn was strongly affected by the roasting temperature. Maximum leaching efficiency in 1M citrate (25°C, L/S ratio 10, pH6.5) was 93% for Pb, 80% for Cu and 60% for Zn at a roasting temperature of 600°C, while for Ni the maximum leaching efficiency of 53% was reached after roasting at 650°C. Furthermore, when oxidative roasting was applied, the leaching residue consists dominantly of hematite (Fe2O3) with minor quantities of PbSO4, which can be used as pig iron ore (Fe >60wt%).