A slurry comprises suspended aluminum particles in a colloid having dispersed colloidal particles of a metal oxide such as a hydroxide. The metal oxide is reducible by metallic aluminum. The slurry has such a basic pH that dissolution of the aluminum particles in the slurry is inhibited so that when the slurry is subjected to a heat treatment, the undissolved aluminum particles are reactable with the colloidal particles to form an aluminum-based mixture resistant to chemical attack made of aluminum oxide, metal aluminum and the metal of the colloidal particles. The slurry can be used to form an aluminum-based protective coating on a component, in particular of an aluminum electrowinning cell or an apparatus for treating molten aluminum.