A method of manufacturing a cobalt catalyst is described, which comprises the steps of forming an aqueous solution of a cobalt amine complex, oxidising said solution such that the concentration of Co(III) in the oxidised solution is greater than the concentration of Co(III) in the un-oxidized solution, and then decomposing the cobalt amine complex by heating the solution to a temperature between 80 and 110.degree. C. for sufficient time to allow an insoluble cobalt compound to precipitate out of the solution. A catalyst intermediate is also described which comprises a cobalt compound, comprising a Co(II)/Co(III) hydrotalcite phase and a CO.sub.3O.sub.4 cobalt spine) phase, wherein the ratio of cobalt hydrotalcite phase: cobalt spine) phase is less than 0.6:1, said cobalt hydrotalcite phase and said cobalt spine) phase being measured by X-ray diffractometry.