Slurry flows commonly appear in the transport of minerals from a mine to the processing site or from the deep ocean to the surface level. The process of heat transfer in solid−liquid flow is especially important for the long pipeline distance. The paper is focused on the numerical modelling and simulation of heat transfer in a fine dispersive slurry, which exhibits yield stress and damping of turbulence. The Bingham rheological model and the apparent viscosity concept were applied. The physical model was formulated and then the mathematical model, which constitutes conservative equations based on the time average approach for mass, momentum, and internal energy. The slurry flow in a pipeline is turbulent and fully developed hydrodynamically and thermally. The closure problem was solved by taking into account the Boussinesque hypothesis and a suitable turbulence model, which includes the influence of the yield shear stress on the wall damping function. The objective of the paper is to develop a new correlation of the Nusselt number for turbulent flow of fine dispersive slurry that exhibits yield stress and damping of turbulence. Simulations were performed for turbulent slurry flow, for solid volume concentrations 10%, 20%, 30%, and for water. The mathematical model for heat transfer of the carrier liquid flow has been validated. The study confirmed that the slurry velocity profiles are substantially different from those of the carrier liquid and have a significant effect on the heat transfer process. The highest rate of decrease in the Nusselt number is for low solid concentrations, while for C > 10% the decrease in the Nusselt number is gradual. A new correlation for the Nusselt number is proposed, which includes the Reynolds and Prandtl numbers, the dimensionless yield shear stress, and solid concentration. The new Nusselt number is in good agreement with the numerical predictions and the highest relative error was obtained for C = 10% and Nu = 44.3 and is equal to −12%. Results of the simulations are discussed. Conclusions and recommendations for further research are formulated.