Abstract: An aqueous low temperature oxidation (ALTO) process wherein a catalyst or catalyst precursor constituted of a solids support, or powder component, and a metal, or metals component, inclusive of cobalt, is oxidized, reduced and rendered catalytically active for conducting carbon monoxide hydrogenation reactions. The cobalt catalyst or cobalt catalyst precursor is thus contacted at low temperature with an oxidant in the presence of water (e.g., water to which an oxidant is added), sufficient to oxidize the cobalt metal, or metals component of the catalyst or catalyst precursor. On reduction, the hydrogenation activity of the cobalt catalyst is increased. All or a portion of the cobalt metal of the catalyst precursor is oxidized to form a Co2+ cationic or oxo-anionic species at least during the initial phase of the reaction.