Dry milling circuits that include high pressure grinding rolls (HPGR) or vertical roller mills (VRM) and air classification have replaced dry ball milling in cement production, but how do they compare to wet milling and classification circuits in mineral processing plants? Two case studies are presented that compare the energy efficiency, wear, liberation and capital cost of dry and wet milling circuits. In both case studies the VRM and HPGR consume half the energy of a wet tumbling mill for the same duty. However, the dry classification system tends to significantly erode the energy benefits. A number of improvement opportunities are presented that have the potential to improve the energy and capital efficiency of dry milling circuits. These improvement opportunities focus on the dry classification system that consumes significant energy in heating and fan power requirements and requires a large proportion of the footprint.