The invention relates to a process for producing an ammonium nitrate/fuel oil explosive. The process includes forming an emulsion by admixing an oil with water. Ozone is then introduced into the emulsion to obtain an ozonated emulsion. The ozonated emulsion is admixed with solid particulate ammonium nitrate such that the emulsion is absorbed into the ammonium nitrate. An ammonium nitrate/fuel oil explosive is thereby formed.
