A thermodynamic model of the copper Peirce-Smith (P-S) converter has been developed to predict the behaviour of magnetite in the converter slag, the amounts of slag and matte, the compositions of slag and matte, the volume of the bath, the bath temperature and the SEMTECH OPC signals. The predictions of bath temperature, slag and matte compositions and magnetite content in the slag have been validated by the industrial data. The effects of fluxing strategy, returns and skim charges, oxygen enrichment and temperature on the magnetite formation in the slag have been predicted and discussed. Some industrial applications of this model have been presented.