A catalyst is provided comprising nickel in a reduced valence state on a carrier comprising zinc oxide and alumina, wherein the Zn:Ni atomic ratio is at least 12, and the catalyst particles are prepared by a) mixing zinc oxide in the form of a powder and alumina or an alumina precursor in the form of a powder; b) peptising the powder mixture and forming an extrudable dough by adding acid and water to the powder mixture in such amounts that the dough contains 0.8-1.2 moles acid equivalents per kg powder; c) extruding the extrudable dough to form extrudates; d) drying and calcining the extrudates; e) impregnating the extrudates with an aqueous solution of a nickel compound; f) drying, calcining and reducing the impregnated extrudates.