A wet process for the beneficiation of a fly ash by-product has the following steps: a) forming a slurry mixture of a fly ash material and a liquid; b) gravitationally separating and collecting a first material fraction of the fly ash having a density less than the liquid by skimming off floating slurry material; c) separating a first magnetic fraction from the slurry by subjecting the slurry to a magnetic field of from about 300 gauss to about 10 kilogauss; d) separating the unburned carbon from the remaining slurry components by adding an effective amount of an oil having a carbon chain greater than octane, and a frothing agent whereby the oil coats the unburned carbon forming hydrophobic carbon materials and inducing air into the system for frothing the slurry mixture wherein the hydrophobic unburned carbon froths to the surface and is removed by skimming off the frothing layer; and e) collecting the remaining fraction of silicate spheres and silicates.
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