A combined magnetic separation and flotation technology for the beneficiation of graphite-bearing dusts, in this case wastes from the Krivoy Rog Integrated Iron-and-Steel Works, using high-molecular weight fraction of ’industrial’ lignosulfonates (a modifier), a mixture of saponified crude tall oil and T-80 frother as a collector, has been developed and tested under pilot-scale scale conditions. The technique is shown to yield graphite and iron ore concentrates.