Abstract: The present invention relates to an emulsion explosive of the water-in-oil type having resistance against dissolution in water, and application of said emulsion in explosive mixtures. The emulsion explosive is non cap-sensitive and can be cartridged alone or in mixture with ANFO. It can also be used in bulk systems. The explosive contains 60-90 percent by weight of ammonium nitrate and calcium nitrate, 4-15 percent by weight of a crystallization temperature lowering agent, preferably urea, and 2-6% wax and/or a wax/oil mixture. The content of water consists essentially of water of crystallization bound to the calcium nitrate. Further, the explosive contains emulsifier and density reducing agents such as sodium nitrite/thiourea or hollow microspheres.