A method for the preparation of an eggshell catalyst is described comprising the steps of i) immersing shaped units of an oxidic support having a smallest unit dimension ≧0.5 mm in a solution of cobalt ammine carbonate, ii) heating the solution to a temperature between 60 and 120° C. to precipitate cobalt compounds onto the surface of the shaped units, iii) separating the resulting supported cobalt compounds from the remaining solution, and iv) drying the supported cobalt compounds. The cobalt compounds may be reduced to provide catalysts suitable for the hydrogenation of unsaturated compounds or the Fischer-Tropsch synthesis of hydrocarbons.