Queensland-based Russell Mineral Equipment, which develops precision technology for the mining and resources industry, has received a $40 million investment to support its domestic manufacturing capabilities.
The investment is part of the Federal Government’s $15 billion National Reconstruction Fund and will ensure the Toowoomba manufacturer remains in Australia and boosts production.
RME’s technology for the sector focuses on improving safety and efficiency in mineral processing.
The company’s mill relining technologies are used in hard rock mining for minerals and metals such as copper, gold, platinum, nickel, zinc and iron ore – all of which are critical in the global transition to clean energy generation and storage.
Established in 1985, RME provides hundreds of skilled jobs in regional Queensland and exports its products to more than 60 countries across the world.
The NRFC investment helps RME remain a global leader in the field while remaining Aussie-owned and operated.
The deal is part of a broader $100 million co-investment partnership between the NRF Corporation and Resource Capital Funds to support companies making mining safer, cleaner and more efficient.
The NRFC invests in Australian businesses and projects within seven priority areas, including value-add in resources, to help boost Australian manufacturing capability, grow a skilled workforce and diversify the economy.
The other priority areas are:
- Transport
- Medical science
- Defence capability
- Renewables
- Low-emissions technologies
- Value-add in agriculture, forestry and fisheries
- Enabling capabilities
The NRF has an independent board that makes commercial decisions independently of the government.
Federal Minister for Industry and Science, Ed Husic, said, “The NRFC has stumped up vital capital to ensure RME stays in Toowoomba in Aussie hands employing hundreds of Queensland workers.
“The Federal government believes Australia should be a country that makes things – the NRFC is playing a vital part, backing the growth of Australia’s manufacturing capabilities.”
Mr Husic said that Australia needs to stand on its own two feet in key areas of sovereign capability.
“We’ve got talented workers in Australian firms, and now they need the investment to grow.
“Importantly, too, the NRFC is acting as a magnet for private investors to increase growth capital available for Australian manufacturing,” Mr Husic said.
“Driven by the vision to help grow our industrial capabilities, this is the first in what will be a long line of investments the NRFC makes to rebuild our sovereign manufacturing capability and grow high-wage, high-skill jobs onshore.”
