A process for the preparation of a catalyst useful for conducting 
carbon monoxide hydrogenation reactions, particularly Fischer-Tropsch reactions; the catalyst compositions, use of the catalyst compositions for conducting such reactions, and the products of these reactions. The steps of the process for producing the catalyst comprise mixing together in solution (a) a compound, or salt of a Group VIII 
metal, e.g., Co(NO3)2; (b) a compound, or salt of 
magnesium, e.g., Mg(NO3)2; (c) a compound, salt, or powdered 
oxide of a Group IVB 
metal, e.g., zirconia; (d) a 
refractory inorganic oxide, e.g., kieselguhr; and (e) an 
ammonium or 
alkali metal salt precipitating agent, e.g., Na2CO3, to produce a precipitated solids 
mass, or catalyst precursor, and then reducing the precipitated solids 
mass, or catalyst precursor, to form a catalyst, e.g., (100 Co:6 MgO:10 ZrO2:200 kieselguhr). The precipitated solids 
mass, or catalyst precursor, is shaped and brought to a 
critical level of 
moisture, and reduced. A catalyst formed from the precursor in this manner has greater activity, and selectivity in the production of high melting waxes in conducting Fischer-Tropsch reactions, and gas make is lower, than in the use of catalysts made conventionally, i.e., from precursors of similar composition at differing 
moisture levels.