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Yes.. cast iron makes a good lead melting pot.
It would be good if it were cleaned of all oil, grease, etc...
I would heat it up to 300 degrees or so for maybe 10 minutes before putting any lead in it, just to make sure any moisture is baked out of it.
If you are going to be pouring from it, make sure you have hand/foot/body protection.. keep in mind that lead is, um... heavy. Don't put more in the pot than you can safely handle.
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