This paper describes a statistical image reconstruction method for x-ray CT that is based on a physical model that accounts for the polyenergetic x-ray source spectrum and the measurement nonlinearities caused by energy-dependent attenuation. Unlike our earlier work, the proposed algorithm does not require pre-segmentation of the object into the various tissue classes (e.g., bone and soft tissue) and allows mixed pixels. The attenuation coefficient of each voxel is modelled as the product of its unknown density and a weighted sum of energy-dependent mass attenuation coefficients. We formulate a penalized-likelihood function for this polyenergetic model and develop an iterative algorithm for estimating the unknown density of each voxel. Applying this method to simulated x-ray CT measurements of objects containing both bone and soft tissue yields images with significantly reduced beam hardening artefacts relative to conventional beam hardening correction methods. We also apply the method to real data acquired from a phantom containing various concentrations of potassium phosphate solution. The algorithm reconstructs an image with accurate density values for the different concentrations, demonstrating its potential for quantitative CT applications.