A processing flowsheet has been developed for treating substandard lead-containing polymetallic bulk concentrates and intermediate flotation products containing precious metals, which comprises oxidizing roasting in a calcination kiln and electrothermic smelting generating low volumes of off-gas. The proposed flowsheet also incorporates a dust collection system and sulfur dioxide recovery from off-gas. It is proposed to implement this process by using a reaction smelting technique. For this purpose, the charge to be fed to the smelting furnace after its calcination in a drum-type rotary kiln must have a ratio of sulfide sulfur to sulfate sulfur ofat least 1:2. Electric smelting makes it possible to produce lead bullion that also collects the precious metals contained in the feed, as well as copper-lead matte and slag containing zinc. The recovery of lead into lead bullion and into matte is approximately 83% and 14%, respectively (thus the overall recovery is 97%); the total recovery of gold and silver into lead bullion and matte is 98%; that of copper into matte is 89%; the recovery of zinc into slag is 96%; and that of sulfur into sulfuric acid or gypsum is 90%. After the recovery of zinc from slag, the latter can be utilized in the construction industry.