From Tammy Powley,
Your Guide to Jewelry Making.
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Depending on the heat required to fire the clay, you have a number of options available including a kiln, a torch, or a hot pot.

Some metal clay will require that you fire it in a kiln because it must be fired up to 1600 degrees F (871 degrees C) in order for the clay to turn into metal. Most kilns, as long as they can reach this temperature, can be used for metal clay, glass fusing, bead annealing, lost wax burn out, and also enameling. So though a kiln may be the most expensive piece of equipment you’ll need, it can have many other applications other than metal clay. Kilns can start around $100 and go up to $800 or more. On average, the larger the kiln the larger the price tag.

Metal clays that require a lower temperature to fire (such as Art Clay Silver 650 or PMC3) require either a torch or hot pot. For the torch, you will also need ceramic tile to set the metal clay on while you hold the torch over it to fire. For the hot pot, which is kind of like a mini-kiln and costs about $50, you need some kind of fuel like butane to heat the pot.