Abstract: In a process for the production of a `water-in-fuel` or `melt-in-fuel` emulsion explosive a density-reducing agent is introduced and dispersed in the emulsion at an elevated temperature whereat the emulsion is essentially liquid, the explosive is cartridged and then subsequently cooled by means of a refrigerated fluid so that the continuous phase solidifies and stabilizes the dispersion of the density-reducing agent in the explosive. Preferably, when the density-reducing agent comprises gas bubbles the explosive is subjected to an elevated pressure before it is cartridged in order to ensure that the sensitivity of the explosive will not be impaired by disturbance of gas bubbles by any pressure drop which might occur during cartridging.