Grinder gets federal boost
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Australia’s National Reconstruction Fund (NRF) has kicked off with a $40 million investment in Russell Mineral Equipment (RME), a Toowoomba-based mining technology firm.
The deal is the first allocation from the $15 billion NRF and part of a $100 million partnership with private equity firm Resource Capital Funds (RCF), aimed at boosting Australian manufacturing and advancing energy transition efforts.
RME, founded in 1985, develops grinding mill relining machinery that enhances safety and efficiency in mineral processing.
Its technology supports the extraction of critical metals like copper, nickel, and platinum, essential for renewable energy systems.
The NRF’s investment is expected to expand RME’s Toowoomba manufacturing operations while ensuring the company remains Australian-owned and operated.
Employing 450 people globally, with most staff based in Queensland, RME exports to more than 60 countries. It has become a major innovator in Australia’s resource sector and a key contributor to regional Queensland's economy.
The NRF’s funding forms part of a $100 million co-investment strategy with RCF, which supports clean and efficient mining innovations.
“RME’s cutting-edge solutions not only boost productivity but also enhance safety. We are incredibly proud to support RME’s growth and help it take its pioneering technology to new heights,” said NRFC Chair Martijn Wilder.
Dr John Russell, RME’s founder, said the investment secures the company’s future while preserving its Australian ownership.
“This investment strengthens RME’s position as the world's most trusted original equipment manufacturer of mill relining technologies and ensures Australia remains a leader in advanced mining technology,” he said.
“The energy transition, ESG requirements, and declining quality of mineral reserves are forcing the mining industry to transform. We are pleased to support innovative Australian companies like RME,” said RCF Head of Innovation Andrew Jessett.
The NRF is designed to diversify Australia’s economy and reduce supply chain vulnerabilities revealed during the COVID-19 pandemic.
It prioritises seven key areas, including resources, transport, medical science, renewables, agriculture, and defence.
Industry Minister Ed Husic says the fund is vital for rebuilding domestic manufacturing capabilities.
“This is the first in what will be a long line of investments to rebuild our sovereign manufacturing capability and grow high-wage, high-skill jobs onshore,” he said.
Returns from NRF investments will be reinvested into the fund, in an effort to ensure long-term sustainability while creating growth opportunities for Australian industries.
Husic said the NRF has additional investments planned across priority areas, with several announcements expected before the next federal election.
For more information, visit NRF’s official website or Russell Mineral Equipment’s website.