NRF makes first investment – $40m in Russell Mineral Equipment

The federal government’s $15 billion National Reconstruction Fund has made its first investment – $40 million will be invested into innovative mineral processing equipment manufacturer Russell Mineral Equipment.

The funds, which is alongside private sector investment, will ensure a pioneering Toowoomba manufacturer stays in Australia and boosts production, according to a statement.

The investment from the NRF Corporation (NRFC) will support the continued growth of Queensland-based RME domestic manufacturing capabilities.

RME is a leading manufacturer of automated mineral processing mill relining equipment.

The company’s latest product the AutoMotion Mill Relining Machine (MRM) is a highly advanced configuration of the company’s 7-axis liner exchange machine, the RUSSELL 7 MRM.

The system automates worn liner removal and new liner placement, enabling the completion of necessary maintenance without any person needing to venture inside the mill.

Their mill relining technologies are exported from the company’s Toowoomba, Queensland headquarters to more than 60 countries.

The NRFC investment lives up to the government’s promise that its funds would encourage private sector investors to also back Australian manufacturing.

It is part of a broader $100 million co-investment partnership between the NRF Corporation and Resource Capital Funds, to support companies who are making mining safer, cleaner and more efficient.

The 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 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.

“We’ve got the talented workers in Australian firms, 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.”

The role of the NRFC is to invest in Australian businesses and projects that sit within seven priority areas, including value-add in resources, to help boost manufacturing capability, grow a skilled workforce and diversify the economy.

The other priority areas are: transport; medical science; defence capability; renewables and low emissions technologies; value-add in agriculture, forestry and fisheries; and enabling capabilities.

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. Well done to them all.”

Browse @AuManufacturing’s coverage of Russell Mineral Equipment here.

Picture: Russell Mineral Equipment/mill relining machine