A process for the conversion of a feed comprising a mixture of hydrogen and carbon monoxide to hydrocarbons, the hydrogen and carbon monoxide in the feed being present in a ratio of from 1:9 to 9:1 by volume, the process comprising the step of contacting the feed at elevated temperatures and atmospheric or elevated pressure with a catalyst comprising titanium dioxide and cobalt wherein the catalyst initially comprises from 30% to 95% metallic cobalt by weight of cobalt.