Step 1: Understanding the Concept:
In the blast furnace extraction of iron, slag is formed by the reaction of flux (limestone) with impurities (silica).
Step 2: Detailed Explanation:
The slag formed is calcium silicate (\(CaSiO_3\)). It has a lower density than molten iron, so it floats on top of the molten iron, allowing easy separation. It also has a lower melting point than iron, ensuring it remains molten and can be tapped off separately.
Step 3: Final Answer:
The correct statement is that the slag is lighter and has a lower melting point than the metal, option (A).