The present invention relates to a catalyst comprising particles of a cobalt and zinc co-precipitate, having a volume average particle size of less than 150 μm. Another aspect of the invention is the use of such a catalyst in a Fischer-Tropsch process.The present invention further relates to a method for preparing a catalyst comprising cobalt and zinc oxide, wherein an acidic solution comprising zinc ions and cobalt ions and a alkaline solution are contacted and the precipitate is isolated.