A process for making a catalyst precursor is disclosed. In one embodiment, the process comprises co-precipitating at reaction conditions forming a precipitate or cogel: at least a promoter metal compounds selected from Group VIII, Group IIB, Group IIA, Group IVA and combinations thereof, at least one of Group VIB metal compounds, at least an organic oxygen-containing ligand L. The precursor is represented by the formula Av[(MP) (OH)x(L)ny]z(MVIBO4), wherein A comprises an alkali metal cation, an ammonium, an organic ammonium or a phosphonium cation, MP is at least one of Group VIII, Group IIB, Group IIA, Group IVA and combinations thereof, L is the organic, oxygen-containing co-ordinating ligand, MVIB is at least one of Group VIB metals, and the atomic ratio of MP:MVIB is between 100:1 and 1:100.