Tailings collected from the tailing reservoir at Huogeqi Copper Mine, located in Inner Mongolia, China, were used in a leachate study to evaluate the acid potential, neutralization potential, and possibility for producing acid mine drainage (AMD) from the site. The speciation of Cu, Pb, and Zn contained in the tailings was also determined during the leachate study to further access the potential migration abilities of these metals. The results showed that the tailings did not produce significant AMD as the pH of the leachate ranged from 7 to 9 and decreased with time. The Cu, Pb, and Zn concentrations were high, ranging from 439.1 to 4527 mg/kg in the tailings and from 0.162 to 7.964 mg/L in the leachate, respectively. Concentrations of metals in the leachate and tailings were positively correlated. Over 60% of the Cu in the tailing samples existed in an oxidizable form. Most of the Pb also existed in its oxidized form, as did the silicate and Zn. Metals usually have higher mobility in their exchangeable and oxidizable forms and as such represent a higher potential risk to the environment. Results of risk assessment code also revealed that metals in tailings exerted medium to high risks to the environment.