Catalysts which effect the selective oxidation of alkanes under mild reaction conditions are highly desired. Commercial processes exist which involve the oxidation of alkanes by O{sub 2} with cobalt carboxylate catalysts. Elevated temperatures and pressures are required, and the metal ion function is to decompose hydroperoxides formed in a radical-chain process. The authors have demonstrated that a weakly solvated cobalt-acetonitrile complex (Co(NCCH{sub 3}){sub 4})(PF{sub 6}){sub 2}, with a weakly coordinating anion catalyzes the air oxidation of alkanes under mild conditions (75C and 3 atm). Cyclohexane and adamantane are converted to the corresponding alcohol and ketone products. The commercial catalyst for cyclohexane oxidation does not function under these milder conditions. Experiments indicate a mechanism in which the metal ion functions both as an initiator and as a hydroperoxide decomposition catalyst.