An aqueous emulsion for use in aqueous milling of hard material powder components in an aqueous slurry. The aqueous emulsion includes an oxidation inhibitor in an amount between about 0.3 weight percent and about 1.2 weight percent of the hard material powder components in the aqueous slurry. The aqueous emulsion also includes a paraffin wax in an amount between about 0.25 weight percent and about 0.75 weight percent of the hard material powder components in the aqueous slurry for vacuum dried powder and in an amount about up to 2.75 weight percent of the hard material powder components in the aqueous slurry for spray dried powder. The aqueous emulsion also includes myristic acid in an amount between about 0.10 weight percent and about 0.50 weight percent of the hard material powder components in the aqueous slurry. The balance of the aqueous emulsion is water.