The loss in activity of Pt-promoted and unpromoted 25 wt% Co-Al2O3 catalysts has been compared under identical conditions except for adjustment of the space velocity to give the same initial CO-conversion. Both catalysts underwent a 200 h period of rapid, initial decline in CO conversion and then a slower, linear decline during the next 1000 h. Pt-promotion did not alter the cobalt dispersion (or average particle size) from that of the unpromoted catalyst but did increase the amount of cobalt that was reduced. When compared not by time-on-stream, but by the moles of Co converted per unit weight of catalyst, both the Pt-promoted and unpromoted catalysts decline in activity at the same rate.