National Reconstruction Fund Corporation announced first investments
11.12.2024The NRFC announced its investment in Russell Mineral Equipment (RME), one of the world-leading original equipment manufacturers of mill relining technologies for the resources industry. The NRFC’s $ 40 million investment supports the continued growth of RME’s domestic manufacturing capabilities, allowing it to optimise operations at its manufacturing facility in Toowoomba, Queensland.
Dr. John Russell
© RME
RME is one of the global leaders in grinding mill relining machinery technology. Its development of revolutionary technology enables the resources industry to boost speed, efficiency and safety of an essential maintenance activity.
NRFC Chair Martijn Wilder AM said: “Our investment in RME represents a first step for the NRFC in backing leading Australian manufacturers. 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.”
Board CET team members
© RME
RME Founder, Executive Chairman and Chief Engineer Dr John Russell said: “This investment will protect RME’s future, honouring the growth and potential of the company, while also ensuring it remains an Australian-owned and operated company based in Queensland. Furthermore, the investment strengthens RME’s position as the world's most trusted original equipment manufacturer of mill relining technologies and Australia’s leadership in the manufacturing of advanced mining technology.
“The combination of RCF’s investment experience, NRFC funding, and RME’s high performance team and culture provides the security to ensure RME can reach its fullest potential, more quickly, as the world strives for a net zero future.”
From left: Dr. Peter Rubie, Cherylyn Russell and Dr. John Russell
© RME
The investment in RME comes via the NRFC’s first strategic investment partnership – a $ 100 million commitment to leading resources private equity firm, Resource Capital Fund’s Innovation strategy.
RCF’s Innovation strategy invests in emerging technologies and innovations that aim to redefine the mining industry to help sustainably and efficiently meet the demand for critical minerals and resources required for the global energy transition.
RUSSELL Mill Relining Machine inside a mill
© RME
The NRFC’s investment will be allocated to supporting other innovative Australian companies which support the resources sector, that meet the NRFC’s Investment Mandate. The partnership with RCF is a critical part of the NRFC delivering on its mandate to attract private investment into Australian advanced manufacturing and value-adding in resources, as well as enabling technologies in the national interest.
NRFC Chief Investment Officer Dr. Mary Manning said: “The NRFC is committed to crowding-in private capital to diversify and transform Australian industry. Our partnership with Resource Capital Funds underscores our strategic focus to work with private capital with sector expertise to unlock new opportunities for growth in high-value and high-tech Australian manufacturing. We look forward to continuing our relationship with RCF as we jointly pursue further investments in the Australian resources innovation sector.”
RUSSELL TWIN Mill Relining Machine
© RME
Andrew Jessett, Head of RCF Innovation, said: “The energy transition, ESG requirements and the declining quality of mineral reserves are forcing the mining industry to transform. RCF Innovation is dedicated to making mining safer, cleaner and more efficient. We are pleased to be working with the NRFC to support innovative companies in Australia with the potential to benefit the global mining industry.”
NRFC Chair Martijn Wilder AM said: “The NRFC is building a strong pipeline of investments through partnerships, co-investment and direct engagement. We have several investments moving towards completion across our priority areas and I’m very excited to see the impact they will have on Australian advanced manufacturing capability.”
