Carbothermic reduction of sulphide minerals for achieving a selective separation of metallic species from complex minerals has been discussed by considering the prevailing oxygen potential during the course of reaction. Construction of univariant plots for the reduction of sulphides with carbon monoxide gas or carbon and in the presence of either lime or anhydrous calcium sulphate is the key feature of this work. The theoretical calculations for univariants in the Cu-Fe-S-O system indicated a preferential separation of metallic copper and iron by imposing a chemical potential. This is evident from a logarithmic plot of sulphur dioxide partial pressure against reciprocal temperature. The results are compared with empirical data for the reduction equilibrium. The reduction behaviour of the constituent sulphides are also discussed together with the experimental results and theoretically predicted phase stability diagrams.