Toowoomba company Russell Mineral Equipment is set to have new owners under a $40-million-plus deal.
Russell Mineral Equipment founder chairman Dr. John Russell has agreed to sell the business to mining-focused global investment firm Resource Capital Funds and the Australian Government’s National Reconstruction Fund Corporation.
The deal will see the National Reconstruction Fund contribute $40 million to ensure the company stays in Australia and boosts production.
Russell Mineral Equipment develops precision technology for the mining and resources industry, with a focus on improving safety and efficiency in mineral processing.
The company’s technologies are used in hard rock mining for minerals and metals such as copper, gold, platinum, nickel, zinc and iron ore.
Established in 1985, RME has grown to support customers across more than 440 mine sites and 64 countries, has 13 international sales and service centres and employs more than 450 people worldwide.
Russell Mineral Equipment executive chairman Dr. John Russell said the sale would strengthen RME’s future,
“I didn’t build RME with the intention of selling it but at this stage in my life, it was important and responsible that I actively pursue succession plans for the company that I love, to strengthen its future, our people’s careers and the Customers we serve and keep safe every day,’’ he said.
Dr Russell said he was proud to be a part of the Toowoomba community.
“I am proud of our regional city of Toowoomba, RME’s foundational city, for the opportunities it has given to me and to RME,’’ he said.
“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.”
Federal Minister for Industry and Science Ed Husic said the Government’s $40 million investment would ensure RME stays in Toowoomba.
“The NRFC has stumped up vital capital to ensure RME stays in Toowoomba in Aussie hands employing hundreds of Queensland workers,’’ Mr Husic said.
“The Albanese 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.
“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.
