The cooling paths and kinetics in the system Cu-Fe-O are investigated by the empirical micro- and nanoscale analysis of slags from the flash furnace smelter at Olympic Dam, South Australia. We aim to constrain the exsolution mechanism of delafossite (Cu1+Fe3+O2) from a spinel solid solution (magnetite, Fe3O4) and understand why cuprospinel (CuFe2O4) is never observed, even though, as a species isostructural with magnetite, it might be expected to form. Flash furnace slags produced in the direct-to-blister copper smelter at Olympic Dam contain four Cu-bearing phases: Cu-bearing magnetite, delafossite, metallic copper, and cuprite. Delafossite coexists with magnetite as rims and lamellar exsolutions, as well as bladed aggregates, associated with cuprite within Si-rich glass. The empirical compositions of magnetite and rim delafossite are (Fe2+6.89Cu2+0.86Co0.13Mg0.15Si0.02)8.05 (Fe3+15.52Al0.41Ti0.01Cr0.01)15.95O32, and (Cu1+0.993Co0.002Mg0.002)0.997(Fe3+0.957Al0.027Ti0.005Si0.004)0.993O2, respectively. The measured Cu content of magnetite represents a combination of a solid solution (~6 mol.% cuprospinel endmember) and exsolved delafossite lamellae. Atomic-resolution high-angle annular dark field scanning transmission electron microscope (HAADF STEM) imaging shows epitaxial relationships between delafossite lamellae and host magnetite. Defects promoting the formation of copper nanoparticles towards the lamellae margins suggest rapid kinetics. Dynamic crystallization under locally induced stress in a supercooled system (glass) is recognized from misorientation lamellae in delafossite formed outside magnetite grains. The observations are concordant with crystallization during the cooling of molten slag from 1300 °C to <1080 °C. Melt separation through an immiscibility gap below the solvus in the system Cu-Fe-O is invoked to form the two distinct delafossite associations: (i) melt-1 from which magnetite + delafossite form; and (ii) melt-2 from which delafossite + cuprite form. Such a path also corroborates the published data explaining the lack of cuprospinel as a discrete phase in the slag. Delafossite rims form on magnetite at a peritectic temperature of ~1150 °C via a reaction between the magnetite and copper incorporated in the oxide/Si-rich melt. The confirmation of such a reaction is supported by the observed misfit orientation (~10°) between the rim delafossite and magnetite. HAADF STEM imaging represents a hitherto underutilized tool for understanding pyrometallurgical processes, and offers a direct visualization of phase relationships at the smallest scale that can complement both experimental approaches and theoretical studies based on thermodynamic modelling.