A process for converting synthesis gas to hydrocarbons, the synthesis gas containing hydrogen and carbon monoxide in a molar ratio of not more than 1 to 1 obtained from the gasification of coal comprising the steps of gasifying coal to produce H.sub.2 and CO, synthesizing C.sub.1 to C.sub.900 hydrocarbons and oxygenates, including wax in the range of C.sub.20 to C.sub.900 from H.sub.2 and CO in a Fischer-Tropsch slurry reactor containing a slurry of catalyst having carbon monoxide reduction and water gas shift activity, removing the wax along with a portion of the catalyst from the reactor, extracting the wax into an organic solvent to separate the soluble wax from the insoluble catalyst, returning the catalyst to the reactor, decreasing the density of the organic solvent to precipitate the wax and upgrading the wax product to produce hydrocarbon products, gasoline and distillate material.