In pyrometallurgy process involving drying, calcination and reductive smelting steps, Saprolite ore is subjected in an electric arc furnace to produce Fe–Ni alloy and Ni matte. To optimize the nickel smelting step, the slag consisted of MgO–SiO2–FeO and having a lower viscosity and high fluidity is required. In this study, a number of new slag samples with varied degree of compositions are manufactured and used to examine the effect of their viscosity on nickel dissolution. Further correlation between the slag basicity and FeO addition on the smelting was also tested and simulated using Fe–Ni alloy from saprolite ore. As per the observations, the nickel dissolution increases with the increased content of FeO at a certain degree of activity which in turn can cause oxidation of nickel during the process. The slags with the ratio of MgO/SiO2 = 0.4–0.6, 30% fraction of FeO, and a viscosity of 1.8–1.06 poise in the olivine zone are found effective for the lowest dissolution rate of nickel with 0.021, 0.022, and 0.018 wt.%. The lowest dissolution rate is recorded for the slag with MgO/SiO2 ratio about 0.6. These slags with controlled amount of constituents could be used to recover precious metal from nickel smelter at a lower dissolution rate and thereby allowing to reduce the waste of the metal during smelting process.