The essential part of the refractory materials production on a basis of sintered dolomite as raw material is the process of dolomite calcination. The technology process usually takes place in shaft or rotary kilns, where the dolomite stone, CaMg(CO3)2, is subjected to a high temperature heat treatment. The calcination of the dolomite is highly endothermic reaction, requiring significant amount of thermal energy to produce sintered dolomite (CaO, MgO), generating a large flow of hot gases at the furnace outlet. The objective of this work was to assess the possibilities of utilization of waste heat of exhaust gases from a shaft kiln in order to improve the overall energy efficiency of the technology process. Several different options were analyzed: (a) preheating of a raw material, (b) preheating of heavy fuel oil, (c) preheating of combustion air, (d) preheating of combustion air and raw material with flue gas, and (e) preheating of air for combustion and for drying of a raw material. Option (e) was selected as the most attractive and therefore it was analyzed in more details, showing significant annual energy savings and relatively short simple payback period on the investment.