Abstract: The invention relates to a method for refining precious metal concentrate, and according to said method, at least the precious metal concentrate (9), reaction gas (10), flux (11) and flue dust (12) to be treated are fed together into the reacton shaft (3) of a suspension smelting furnace (1); in the suspension smelting furnace, there are created separate phases, matte (8) and slag (7); and the slag created in the suspension smelting furnace is conducted into an electric furnace (2), so that there is created metallicized matte (14) and waste slag (13). Thereafter the matte (8) from the suspension smelting furnace is conducted to hydrometallurgical treatment (15), and the slag conducted into the electric furnace is treated together with a reducing agent and possibly with a material lowering the melting point or improving fluidity, and the obtained metallicized matte (14) is conducted either to hydrometallurgical treatment (16) or back into the suspension smelting furnace in (1).