NOVELTY - A catalyst is prepared by subjecting a slurry to an initial treatment stage, subsequent treatment stage, and calcination. The initial treatment is not continued when the impregnated carrier has a loss of ignition (LOI) less than 1.2 times its loss on ignition at incipient wetness (LOIiw). The slurry comprises porous oxidic catalyst carrier, active catalyst component, and water.    USE - For use as Fischer-Tropsch catalyst to catalyze the Fischer-Tropsch reaction of a synthesis gas, comprising hydrogen and carbon monoxide, to produce Fischer-Tropsch products.    ADVANTAGE - The invention provides efficient drying of the impregnated material during catalyst precursor preparation, and once dried, the excellent properties of the catalyst introduced during drying are maintained until its calcination. The catalyst has excellent Fischer-Tropsch synthesis behavior and has a high activity.    DETAILED DESCRIPTION - Catalyst precursor preparation comprises subjecting a slurry to an initial treatment stage, subsequent treating of the partially dried impregnated support or carrier, and calcining the dried impregnated carrier or support. The slurry comprises a porous oxidic catalyst support or carrier, an active catalyst component or its precursor, and water. The initial treatment is carried at elevated temperature and at sub-atmospheric pressure so that impregnation of the support or carrier with the active catalyst component or its precursor and partial drying of the impregnated support or carrier occurs. The initial treatment stage does not continue beyond a point where the impregnated carrier or support has an LOI which is less than 1.2 times its LOIiw. The partially dried impregnated support or carrier, in the subsequent treatment stage, is subjected to elevated temperature and sub-atmospheric pressure. The temperature of the subsequent treatment stage is exceeds the temperature of the initial treatment stage and/or the sub atmospheric pressure in the subsequent treatment stage is lower than that in the initial treatment stage. A more vigorous drying of the impregnated support or carrier is obtained in the subsequent treatment stage than in the initial treatment stage. A dried impregnated carrier or support is produced in the subsequent treatment stage. A catalyst precursor is obtained in the calcination of the dried impregnated carrier or support.