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 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!
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
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
Best of luck in your adventures!