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The production of a composite material having a mixture of noble metal (I) (e.g. ruthenium, rhodium, iridium, silver, gold, palladium, platinum, nickel or copper) and oxides of rare earth metal (e.g. lanthanum, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium or yttrium) comprises making a metal alloy using (I) and the rare metal, where the alloy has a crystallized phase of a rare earth metal composition at greater than 10 at..% and a noble metal composition at 25-75 at..%; and oxidizing the alloy. An independent claim is included for a composite material comprising the mixture.