A method of agglomerating fine particles such as ultrafine coal in a beneficiation process, uses a water in oil emulsion to significantly reduce the amount of oil needed compared with known oil in water emulsions. A solution of oil and emulsifying agent is provided to which water is progressively added forming a concentrated water in oil emulsion with stabilized water drops (1) packed inside the oil solution phase (2). Fine particles in a slurry are then added, causing the fine particles to collide and stick to the emulsion particles. An optional form of the invention coats tiny portions of the emulsion in a thin film of low viscosity oil (5) to achieve a higher level of selectivity.