Sale agreement to strengthen RME's future

RUSSELL MINERAL EQUIPMENT (RME) has entered into a transitional sale agreement with Resource Capital Funds (RCF) and the Australian Government’s National Reconstruction Fund Corporation (NRFC). 

The agreement will strengthen RME’s future, honour the growth and potential of the company, while ensuring it remains an Australian-owned and operated company based in Queensland.

Since 1985, RME has innovated mill relining technologies and services in the pursuit of removing fatal risk and improving our Customers’ productivity. 

The remarkable combination of RME’s propriety, industry-leading inventions, our strong team, healthy balance sheet and pipeline of opportunities, as well as an enviable group of Customers and suppliers, make RME an attractive investment. 

The NRFC mandate is to grow Australian manufacturing capability and industry. They invest in Australian projects to transform industry capability, grow jobs and a skilled workforce, and diversify the economy.  

RCF is a leading mining-focused, global alternative investment firm working at the forefront of sustainable mining investments. With a dedication to making mining safer, cleaner and more efficient, they are aligned with RME’s two-fold purpose and aspiration to improve the human condition through responsible access to metals at lower cost. 

Andrew Jessett of RCF is well-known to RME having been an advisor to RME’s Board since 2019. He has a proven reputation as an entrepreneur, technologist and businessperson. Andrew is aware of my determination to ensure RME lives in perpetuity. 

RCF and the NRFC recognise and value the standard set by RME for 40 years. Our Board and Chief Executive Team are very excited to be working with both organisations in this new era of growth for the Company.

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. 

We are proud of the impact our inventions have had, the jobs we have created, our contribution to Australia’s sovereign industrial capabilities, and efforts to enhance the wellbeing of the communities in which we operate. 

I am proud of our regional city of Toowoomba, RME’s foundational city, for the opportunities it has given to me and to RME. We have grown together, maturing and embracing greater levels of diversity. I am proud to contribute so strongly to this city’s economy and culture, through RME. 

My belief in our purpose remains steadfast. 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.

Yours faithfully

Dr John Russell

To view the announcement from the National Reconstruction Fund Corporation, visit: nrf.gov.au