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The effect of varying the amounts of metals Fe, Cu, K, and Mo was studied on a catalyst supported on activated carbon (AC), which is an item of novelty of this paper. The base-case catalyst contains 16% Fe, 0.9% K, 6% Mo, and 0.8% Cu relative to the AC support. For all of the catalysts used, alcohol production is small. The production of hydrocarbons depends upon the amount of Fe and other promoters used. The amount of Fe was increased from 0% to 32% on the catalyst containing base-case amounts of the other materials. While 0% Fe shows no activity towards Fischer–Tropsch synthesis (FTS), 32% Fe shows a marginal increase in FTS activity when compared with 16% Fe. Furthermore, the amount of K was increased from 0% to 1.8%, with the other metals in their base-case amounts. The selectivity of C1–C4 decreases with the addition of K, while the selectivity of C5+ increases. Analogously, the amount of Mo was increased from 0% to 12%. A small amount of Mo results in an increase in FTS activity but decreases with the addition of more Mo. Cu on the catalyst was increased from 0% to 1.6%, with 0.8% Cu proving optimum for FTS.