While there is reasonable agreement on the basic chemistry of the slag fuming process, there has been an on-going debate for nearly 50 years as to the nature of the rate controlling factors in its industrial application. There have been advocates in the technical literature for thermodynamic limitations on the one hand or kinetic limitations on the other. The different viewpoints result in very different predictions as to the technical and commercial potential of the process. A resolution of the debate becomes of importance as pyrometallurgical processes are advocated as a means of extracting environmentally deleterious elements from metallurgical wastes. The present paper reviews the arguments in favour of both equilibrium and kinetic control and puts forward the view that much of the evidence for limitation of the process by kinetic factors under all conditions is unconvincing. It is maintained that the process can approach thermodynamic equilibrium under industrial conditions and that this determines the ultimate limitation on its technical performance. It is acknowledged, however, that kinetic considerations may cause the batch process to fall well short of performance predicted on thermodynamic grounds. The strong process limitation arising from the influence of chemical thermodynamics on the likely outcome of a hypothetical continuous fuming process is contrasted with optimistic forecasts resulting from the extrapolation of process models based only on kinetic considerations.