The issue:

Had this laying around - a lump of beeswax I got from my grandpa with lots of impurities.
Wanted a finish I could use on food contacting surfaces (I'm planning to make some cutting boards soon).

Step 1: Basics

As I've read on various sources all over the internet the right proportion should be 1 part of beeswax to 4 parts of olive oil.

So you should weigh or in some other way (not sure what?) measure your supplies and go for it.
As you can see here - 30g of beeswax with 120g of ~~olive oil~~ mineral oil should get me somewhere around 150g of polish.
If you're using wax without impurities you may want to grate it.
I used extra virgin olive oil. Any oil would do I guess. The smell with olive oil isn't too nice afterwards, so make your choices. I'd recommend to use something you can get locally, since it's most likely the most fresh and natural.

Update: Just use food safe mineral oil unless you absolutely have to make this right now right there and have no other options. The ratio is the same, it's tested, works and doesn't go rancid.

Step 2: (Don't) Kill It With Fire!

Since mine HAD impurities I placed it over a cloth in an oven. After seeing how much of the wax is left in the cloth, not melting into the oil below I added some more on top (didn't weigh it, turned out ok).

Theoretically beeswax melts at around 75 degrees Celsius. I wasn't too patient, so after around 5 minutes in that temperature went for up to 150 degrees Celsius. Olive oil smoking point is somewhere a bit over 200, so this shouldn't be an issue.

Step 3: Mix It

After having the stuff melted and in liquid form you should let it cool somewhere. The thing is that you should stir it time to time, so the oil won't layer from wax while cooling.

Since I'm not the tipe to remember to go and stir time to time, I set up an auto stirrer earlier known as turntable. You can see the principle in photos. Pretty simple.

The mess you can see in the second picture is somewhat like consistency of a finished and cooled polish. I turned the stir machine off when the dish was cool to the touch just to be safe about not getting oil layered.

EDIT: From what I remember the cooling time for this amount was approx one and a half hours, so plan your time.
I have an idea of using proportionally more wax to get something thicker and probably giving a better shine. If you happen to experiment like this, please let me know - experience is valuable! (:

Step 4: Use Sparingly

The wooden surface of lamp I made lately was stained and then waxed with this compound. The shininess it gives should be directly linked to roughness of surface you're applying it on. Overall the finish here gives just a little shine over one that had nothing on it, but I've not experimented much with it, so comments with results you had are more than welcome.

Best of luck in your adventures!
Raitis