It has been generally accepted that black shales are oil shales and have to be handled as sources of fuel oil. This attitude has been so prevalent that it is applied even to those thermally mature black shales in J mtland (Sweden) and Sillam e (Estonia) that supply practically no oil on thermal treatments even in the presence of hydrogen. It may well be that these shales are a very significant source not for oil and not only for uranium, but for valuable metals in general, including molybdenum, rhenium and many others. A new, hydrogenation-based technology may be necessary in this case.