Electric furnace and method for producing valuable metal

An electric furnace for heating and melting a raw material containing a valuable metal, comprising:

• a furnace body, and
• a plurality of electrodes provided so as to hang down from a top section of the furnace body to an interior thereof,
• the electric furnace heating and melting the raw material in the furnace body by applying an electric current to the electrodes to generate a molten material consisting of slag and metal,
• the electric furnace being made so that an overall heat transfer coefficient of a side wall of the furnace body which is to come into contact with a layer of the metal formed in a lower layer in gravity separation of the molten material obtained is lower than an overall heat transfer coefficient of a side wall of the furnace body which is to come into contact with a layer of the slag formed in an upper layer of the gravity separation of the molten material.