The present invention relates to a composition comprising water, more than 30% w/w of calcium hydroxide, and >0.2% w/w dispersant. A process for preparing such a composition is also disclosed. The composition which can be in the form of a 45-55% concentration lime slurry is particularly useful for converting concentrated ammonium lignosulfonate into calcium lignosulfonate, for converting ammonium lignosulfonate into low sulfate calcium, potassium, sodium, or magnesium lignosulfonate and mixtures thereof, for removing soluble sulfate from concentrated sodium, potassium, ammonium or magnesium lignosulfonate or for treating a weak liquor obtained from the pulp and paper industry.