Jacketed rotary converter. The converter includes an inclined pot mounted for rotation about a longitudinal axis, a refractory lining for holding a molten alloy pool, an opening in a top of the pot for introducing feed, a lance for injecting oxygen-containing gas, a heat transfer jacket for the pot adjacent the refractory lining, and a coolant system to circulate a heat transfer medium through the jacket to remove heat from the alloy pool in thermal communication with the refractory lining. Also disclosed is a PGM converting process using the jacketed rotary converter. The process can also include low-or no-flux converting; refractory protectant addition; slag separation; partial feed pre-oxidation; staged slagging; and/or smelting the slag in a secondary furnace with primary furnace slag.