The Albanese Government’s landmark $15 billion National Reconstruction Fund will ensure a pioneering Toowoomba manufacturer stays in Australia and boosts production.

A $40 million investment from the NRF Corporation (NRFC) will support the continued growth of Queensland-based Russell Mineral Equipment’s (RME) domestic manufacturing capabilities.

RME develops precision technology for the mining and resources industry, with a focus on improving safety and efficiency in mineral processing.

Their mill relining technologies are used in hard rock mining for minerals and metals such as copper, gold, platinum, nickel, zinc and iron ore, which are 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.

The NRFC investment helps to ensure RME continues 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 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.

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.

The NRF has an independent board that makes commercial decisions independent of Government.

For more information, visit www.nrf.gov.au.

Quotes attributable to the Hon. Ed Husic, Minister for Industry and Science:

“The NRFC has stumped up vital capital to ensure RME stays in Toowoomba in Aussie hands employing hundreds of Queensland workers.

“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.

“Importantly too the NRFC is acting as a magnet for private investors to increase growth capital available for Australian manufacturing.

“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.”