Two concepts for a holistic exploitation of the bauxite residue (BR) are presented, where a multitude of niche and bulk application products are produced, leading to a near zero-waste, financially viable, and environmentally benign process. It is shown that critical metals particularly rare earth elements (REE) and gallium can significantly enhance process economics. Based on the recent research results, two conceptual flow sheets were developed in order to produce added value products such as Al-Sc alloys, rationalizing BR sustainable valorization. Main metallurgical strategy is focused on the selective removal of rare earth elements directly from BR as well as slag hydrometallurgical treatment for scandium extraction after iron smelting. Among REE, Sc holds the main economic importance. The flow sheets are analyzed technologically, and economically, addressing the challenges and the effects of each processing step, for the case of the Greek BR in Aluminum of Greece plant.