Abstract: Binder compositions for converting coal waste into fuel including a distillable petroleum hydrocarbon emulsified with a surfactant and water are provided. The invention also includes methods for making the binder compositions. The methods include blending a distillable petroleum hydrocarbon petroleum hydrocarbon with water and a surfactant. In another aspect, a fuel product is provided which includes the reaction product of carbonaceous fine particles and a binder composition of this invention. The binder composition is provided in an amount necessary to increase the hydrophobic characteristics of the carbonaceous fine particles and bring about a statistically significant change in their chemistry. In one embodiment the binder composition is present in an amount between about 1.5 percent and about 4.0 percent of the total weight. Methods are also provided for making fuel from fine carbonaceous materials, which include exposing the carbonaceous materials to a binder composition of this invention.