Herein we characterize the mineralogy, chemical composition, and environmental geochemistry of slag formed by historic (1880s to circa 1910) smelting of the copper-rich lodes of Butte, Montana. The air-cooled slag exists as monolithic “walls” that border Silver Bow Creek, the headwaters of the upper Clark Fork River Superfund site. The slag is mainly comprised of fayalite, hedenbergite, wollastonite, magnetite, and glass. Zinc is present at per cent levels in all of these phases. The overall high zinc content of the slag is partly due to the polymetallic character of the Butte ore bodies. Copper occurs mainly as tiny spheres, or “prills”, which are remnants of the molten Cu-sulfide matte that failed to separate from the slag during smelting. Minerals in the prills include bornite, chalcopyrite, chalcocite, pyrrhotite, pyrite, sphalerite, galena, elemental copper, and elemental silver. The prills are variably oxidized along shrinkage cracks that penetrate into the enclosing slag matrix. Secondary minerals, including hydrous ferric oxide and ferric clay, coat the cracks. Where the cracks meet the surface of the slag, secondary encrustations of calcite, Fe-Mn oxyhydroxides, and mixed Ca-Cu-Zn-Mn-Al-Fe sulfates have locally accumulated. Acid-base accounting tests show that the unweathered slag is non-acid-generating, with the acid potential from Fe-Cu sulfides offset by the neutralization potential of the Ca-Fe silicates (olivine, pyroxene). Interaction of the slag with synthetic precipitation (SPLP tests) confirms the slag's ability to buffer pH to values >8. Nonetheless, the SPLP leachate solutions contain ppb levels of copper, arsenic, zinc, and lead that approach or exceed current regulatory standards for protection of aquatic life (Cu, Pb, Zn) and human health (As). Leaching experiments using Silver Bow Creek water show an increase in dissolved As and W, but variable results for Cu, Pb, and Zn. Leaching of the secondary sulfate-salt deposits produced much higher concentrations of dissolved metals and metalloids which could be a source of contamination to Silver Bow Creek during heavy rain events. Based on bulk analyses, some metals in the slag, including Fe, As, Co, Mn, Pb, Zn, and W, exceed USEPA screening levels for residential and/or urban soils. Leachates containing organic acids (TCLP tests) show Pb concentrations that approach levels for the slag to be classified as hazardous waste. Rather than removing the slag walls, which have value as a form of industrial architecture, an alternate remedy currently under evaluation is to divert Silver Bow Creek around the smelter site and preserve the slag as part of a non-motorized recreational trail system in the reclaimed Butte-Anaconda mine-scape.