The Australian Government has marked a milestone in its $15 billion National Reconstruction Fund (NRF) with a $40 million investment to ensure Toowoomba-based Russell Mineral Equipment (RME) continues to innovate and manufacture in Australia.
The funding, delivered through the NRF Corporation (NRFC), will bolster RME’s domestic production capabilities, the government said in a media release.
Established in 1985, RME supplies mill relining technologies critical to the mining of minerals and metals such as copper, gold, and nickel—resources pivotal to the global clean energy transition.
The company exports to over 60 countries, but this new funding ensures its cutting-edge innovation remains rooted in Australia.
The $40 million investment forms part of a larger $100 million co-investment initiative between NRFC and Resource Capital Funds, designed to promote safer, cleaner, and more efficient mining practices.
“The NRFC has stumped up vital capital to ensure RME stays in Toowoomba in Aussie hands employing hundreds of Queensland workers,” stated Minister for Industry and Science Ed Husic.
The NRFC focuses on seven priority sectors, including value-add in resources, transport, medical science, defence capability, renewables, and advanced agriculture.
These initiatives aim to diversify Australia’s economy and expand its industrial base.
“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,” said Husic.
He added, “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.”
For more details, visit www.nrf.gov.au.
