15 May 2025
RME sale catalyses investment to accelerate access to its advanced technology
Catalysed by the achievement of a key milestone in the transitional sale agreement with Resource Capital Funds (RCF), RME will accelerate market access to the RME Advanced Technology Mill Relining System.
Mill relining systems Original Equipment Manufacturer (OEM), RUSSELL MINERAL EQUIPMENT (RME), welcomes the investment in RME catalysed by the achievement of a key milestone in the transitional sale agreement it entered into with Resource Capital Funds (RCF) on 16 November 2024.
The investment results in RCF becoming RME’s majority shareholder. The transaction also includes investment from Australia’s sovereign manufacturing investment fund, the National Reconstruction Fund Corporation (NRFC).
RME Founder and Director, Dr John Russell described the milestone as the next step to realising his ambition to honour the growth and ongoing potential of RME by actively pursuing succession plans for RME.
“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,” Dr Russell said.
“RME entered into the transitional sale agreement following a period of stability and strength to ensure the company would continue to strengthen, in perpetuity.”
Following the change in RME’s majority ownership, Head of RCF Innovation, Andrew Jessett and RCF Innovation Partner, Lyle Bruce have joined the RME Board, with Andrew Jessett being appointed Chairperson of the Board. Andrew Jessett has a proven reputation as an entrepreneur, technologist and businessperson, and has been an advisor to the Board since 2019. A representative of the NRFC will join as a Board Observer.
Accelerating advanced technology access
Andrew Jessett described the investment as an opportunity to accelerate RME’s pathway from research and development to commercialisation.
“Our investment will bolster RME’s culture of engineering innovation, including continual process and product improvements, new product development and blue-sky projects,” Mr Jessett said.
“We are particularly excited to build our manufacturing capacity to meet the increasing market demand for the RME Advanced Technology Mill Relining System."
“Faster market access to our advanced technology will deliver significant additional safety and commercial outcomes for our Customers and the wider industry, sooner.
“We will also be expanding our capacity in Site Service and Optimisation with additional highly skilled and trained RME capability made available across the planet to support Customers, as well as a range of complementary offerings for Customers.
“Our number one priority remains the delivery of exceptional products and services to our Customers.”
More world-class RME capability, more pilot projects and more physical space will provide continuity and security for our Customers as we continue to strive to raise the bar, delivering to the highest standards.”
The NRFC Chief Executive Officer, David Gall welcomed the milestone achievement.
“This milestone represents a positive step for RME and a strong example of the advanced, Australian-made capabilities that are driving innovation and productivity across our manufacturing landscape,” Mr Gall said.
“We’re proud to support RME as it continues to grow, invest in local jobs and skills, and deliver Australian-engineered solutions to customers around the world. We look forward to seeing what’s next.”
Sustaining engineering excellence and RME’s culture
In addition to Dr John Russell, RME’s other existing Board directors, Dr Peter Rubie and Cherylyn Russell continue on the Board, while RME’s Chief Executive Team of Chief Financial Officer, John Howard; Chief Customer Officer, Eddie Bosnjak; Chief Operations Officer, Geoff Wadsworth; and Chief Engineer, Simon Thompson continues to lead RME with support from RME’s existing global leadership team.
“RME’s engineering innovations are essential for our Customers and crucial for maximising mill availability, driving significant safety and commercial benefits industry-wide,” Simon Thompson said.
“For 40 years, RME has dedicated itself to continually optimising and improving the safety and productivity of mineral processing operations for our Customers.
“We are proud of both the ingenuity and culture that have enabled our success and are committed to ensuring both continue to thrive."
“Our world-first, award-winning RME Advanced Technology Mill Relining System allows mill operators to relocate crews to work outside the mill during liner exchange and achieve step-change improvements in safety and relining speed.
“More than 30 relines globally, utilising various products from the RME Advanced Technology Mill Relining System, have demonstrated the System’s broad applicability to diverse mine sites.
“The prospect of providing our Customers with faster market access to the benefits of our advanced technology is hugely exciting.”
Dr Russell added, “I firmly believe that the combination of RCF’s investment experience, the NRFC funding, and RME’s high performance team and culture provides the security to ensure RME continues to reach our next level of technological and operational potential, more quickly.
“I am grateful to past and present employees, Customers, suppliers and everyone who has contributed to RME’s positive impact and success to date.”
About RUSSELL MINERAL EQUIPMENT
RUSSELL MINERAL EQUIPMENT (RME) is the world’s leading Mill Relining Systems Technology OEM. We invent machine systems and service-based solutions for problems encountered in the world’s mining and mineral processing industries. Our technologies deliver short shutdowns, high mill availability and safe working environments. Established in 1985, RME has grown to operate in 64 countries, has 13 international Sales and Service Centres and employs more than 450 people worldwide.
For more information about RME: www.rmeglobal.com
About the National Reconstruction Fund Corporation (NRFC)
The NRFC invests to diversify and transform Australia’s industry and economy. It has $15 billion to invest using direct loans, equity investments and loan guarantees. The NRFC can invest in seven priority areas including value-add in resources; transport; medical science; defence capability; renewables and low emission technologies; value-add in agriculture, forestry and fisheries; and enabling capabilities.
The NRFC’s role is to invest in Australian businesses and projects that design, refine and make to transform capability, grow jobs and a skilled workforce, and diversify our economy. The NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023.
For more information, visit www.nrf.gov.au
About Resource Capital Funds (RCF)
For more than 25 years, RCF has pioneered private equity investment in critical minerals and mining and forged partnerships with investors, innovators and miners to mobilise capital into the mining sector. RCF aims to deliver superior returns for all stakeholders, and believes metals and mining are essential for the energy transition, supporting industrialisation worldwide and serving as the bedrock for the future of human civilisation and advancement, driving growth and innovation in a rapidly evolving landscape.
For more information, visit www.resourcecapitalfunds.com
Media contact
Emma Needham
+61 (0)400 266 659
emma@emmaneedham.com.au
High resolution images are available upon request.
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