A Toowoomba company is the first to benefit from a Federal Government program to boost sovereign manufacturing capabilities.
Russell Mineral Equipment (RME) has secured a $40 million investment through the $15 billion National Reconstruction Fund (NRF), to grow its operations in the Darling Downs city, 130km west of Brisbane.
Federal Industry and Science Minister Ed Husic said RME developed precision technology for the mining and resources industry, with a focus on improving safety and efficiency in mineral processing.
Minister Husic said their mill relining technologies were used in hard rock mining for minerals and metals such as copper, gold, platinum, nickel, zinc and iron ore, which were all key 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,” he said.
Minister Husic said the investment would help RME continue to be a global leader in the field, while remaining Aussie-owned and operated.
“This deal is part of a broader $100 million co-investment partnership between the NRF Corporation (NRFC) and Resource Capital Funds, to support companies who are making mining safer, cleaner and more efficient.
“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 Aussie manufacturing capability, grow a skilled workforce and diversify our economy.”
He said the other priority areas were: transport; medical science; defence capability; renewables and low emissions technologies; value-add in agriculture, forestry and fisheries; and enabling capabilities.
“The NRFC has stumped up vital capital to ensure RME stays in Toowoomba in Aussie hands employing hundreds of Queensland workers.
“In key areas of sovereign capability, our country’s got to be able to stand on its own two feet. We’ve got the talented workers in Australian firms, now they need the investment to grow.”
