Stoichiometry and temperature requirements are determined for combining the endothermic reduction of metal oxides (ZnO, Fe2O3, and MgO) with the exothermic partial oxidation of hydrocarbons (CH4, n-butane, n-octane, and n-dodecane) in order to co-produce simultaneously metals and syngas in thermoneutral reactions. Thermogravimetric and GC measurements on the combined reduction of ZnO and Fe2O3 with the partial oxidation of CH4 were conducted at 1400 K to experimentally verify the products predicted by equilibrium computations, and resulted in the complete reduction to Zn and Fe, respectively, while producing high quality syngas. A preliminary economic assessment that assumes a natural gas price of 11.9 US$/MWh and credit for zinc sale at 750 US$/metric ton, indicates a competitive cost of hydrogen production at 6.0 US$/MWh, based on its high heating value. The proposed combined process offers the possibility of co-producing metals and syngas in autothermal non-catalytic reactors, with significant avoidance of CO2 emission.