The possibility of using waste tailings produced by flotation in the lead and zinc mine of Grot, Serbia as a potential source of secondary mineral raw materials was examined. The aim of the research was primarily to carry out a detailed characterization in order to determine the dominant minerals, and, for the first time, to trace the changes occurring in the unit cells of the minerals present in that deposit. There was also a need to determine the exact proportions of the present mineral phases for their further application and utilization as natural resources in environmental protection. Samples were taken from three different sections of tailings: the crest of dam (JKB), outlet pipe of the flotation facility (JOF) and hydrocyclone overflow (JHC). Granulometric separation was performed to facilitate the extraction of certain minerals from waste. The results showed that all samples mainly contained quartz, clinochlore, calcite, albite, pyrite and biotite, but their ratios in each sample varied significantly. After characterization, samples were separated into different fractions and their mineralogical compositions were determined. Depending on the fraction, the mineralogical compositions also changed. Mineralogy and geochemical analysis indicate that waste tailings can be used as a secondary mineral raw materials source applicable in various industries.