The subject invention relates to a process for coating aggregate which is particularly useful in making asphalt concrete to provide the aggregate with a high level of resistance to stripping by water, which comprises: (1) mixing the aggregate with latex to form a latex/aggregate mixture, wherein said latex is comprised of water, an emulsifier, a polymer and a water-soluble divalent metal salt; (2) heating the latex/aggregate mixture to a temperature which is within the range of about 66.degree. C. to about 232.degree. C.; (3) maintaining the latex/aggregate mixture at said elevated temperature for a time which is sufficient to reduce the moisture content of the latex/aggregate mixture below about 0.7 weight percent and to allow the polymer in the latex to crosslink on the surface of the aggregate to produce the coated aggregate.