TECHNOLOGY FOCUS - INORGANIC CHEMISTRY - Preparation (Claimed): Preparation of (I) comprises: forming a composition comprising an intimate mixture of discrete particles of compounds of copper, zinc, aluminum and optionally one or more promoter metal compounds, in an aqueous medium; recovering and drying the composition to form a catalyst precursor; subjecting the dried catalyst precursor composition to reduction conditions so that the copper compounds in it are converted to copper; passivating the reduced copper surfaces; and shaping the reduced and passivated composition, where prior to the reduction of the copper compounds, and the intimate mixture is subjected to a drying step at 180-240 degrees C. Preferred Process: The shaped unit is a pellet formed by compression of the reduced and passivated powder. The intimate mixture of discrete particles is formed by co-precipitation by combining aqueous solutions of soluble metal compounds of copper, zinc and optionally one or more promoter metal compounds with an aqueous solution of an alkaline carbonate precipitant in the presence of an alumina or hydrated alumina. The precipitated material is subjected to an ageing step prior to drying. The precipitated material is washed with water to reduce alkali levels to below 0.2 wt.%, preferably less than or equal to 0.05 wt.% on the dried material. The step of drying is effected: continuously or in discrete stages; in two or more stages, one stage comprising heating the intimate mixture to a temperature of 90-150 degrees C, preferably 100-125 degrees C under air or an inert gas, to reduce the moisture content to less than 20 wt.%, preferably less than or equal to 10 wt.%, prior to drying at 180-240 degrees C; and in two or more stages including a step of spray-drying the intimate mixture, prior to drying at 180-240 degrees C. The spray drying produces a spray-dried powder with an average particle size (weight-average particle size) of 10-300 mu m. The drying step is performed at a maximum temperature of 210-240 degrees C. The reduction step is performed with a hydrogen-containing gas. The hydrogen containing gas is used to fluidize the catalyst precursor to effect reduction of the catalyst precursor in a fluidized state. The passivation is performed with an oxygen- and/or carbon dioxide-containing gas, and at a temperature of 10-100 degrees C, preferably 20-40 degrees C. The reduced catalyst precursor is fluidized in an inert gas and an oxygen- and/or carbon-dioxide containing gas fed into the gas stream to effect passivation of the reduced catalyst precursor in a fluidized state. The carbon oxides conversion process comprises methanol synthesis, mixed alcohol synthesis, dimethyl ether synthesis, and the water-gas shift reaction including the low-temperature shift process, medium temperature shift process and isothermal shift process. The process is a water-gas shift process operated at an inlet temperature of 200-325 degrees C, or a methanol synthesis process operated at a temperature of 200-320 degrees C. Preferred Components: (I) comprises magnesium (1-5 wt.%), expressed as magnesium oxide. In (I): the weight ratio of copper:zinc expressed as oxide is 1:1 or higher; the crush strength ratio is greater than or equal to 0.600:1, preferably greater than or equal to 0.750:1; and the mean horizontal crush strength of (I) is greater than or equal to 6.5 kg, preferably 12 kg. The copper surface area is greater than or equal to 70 m2/g Cu, preferably greater than or equal to 80 m2/g. (I) is in the form of a flat-ended cylindrical pellet, ring or trilobe or a domed cylinder having two or more grooves running along its length, optionally with one or more holes extending through it. The pellet has a density of 1.4-2.5 g/cm3, preferably 1.8-2.4 g/cm3. The source of alumina or hydrated alumina is a colloidally-dispersed aluminum oxide or aluminum hydroxide. The hydrogen-containing gas has a hydrogen concentration of greater than or equal to 50 vol.%, preferably greater than or equal to 90 vol.%. EXAMPLE - A catalyst precursor powder was prepared with the molar ratio of copper: zinc: magnesium: aluminum of 17.5:6.5:1:4 by precipitating at 60-75 degrees C and a pH above 6, an intimate mixture from solutions of copper, zinc and magnesium nitrates in the presence of a colloidally-dispersed aluminum hydroxide sol, using potassium carbonate as precipitant. Once the co-precipitation had been completed, the slurry was aged at 65 degrees C until the color transition from blue to green occurred. The slurry was then filtered and washed until the alkali levels were at a minimum level. The resultant filter cake was then re-slurried to achieve a 35 wt.% of slurry and then spray-dried to form agglomerates. The spray-dried powder was then subjected to a drying step by heating it to 210-240 degrees C for 6 hours. An analysis confirmed the presence of copper hydroxycarbonate and showed no formation of copper oxide during the drying step. The catalyst precursor material was then cooled to 60-80 degrees C in dry nitrogen. The catalyst precursor was reduced by exposing it to a hydrogen-containing gas at initially 80 degrees C with reduction performed at a maximum temperature of 160 degrees C. The reduced catalyst material was then cooled to 20-40 degrees C under dry nitrogen. The reduced catalyst material was then passivated at 20-40 degrees C using nitrogen/air mixtures controlled initially to provide 0.1 vol.% of oxygen and then gradually increased to 1 vol.% of oxygen and then higher amounts. The passivated catalyst powder was mixed with a little graphite and shaped into cylindrical pellets to give a catalyst.