RME welcomes Novo Tellus

Mill relining systems Original Equipment Manufacturer (OEM), RUSSELL MINERAL EQUIPMENT (RME), announces today that it has achieved the final milestone in its transitional sale agreement, welcoming industrial and technology investment firm, Novo Tellus as a new investor in the Company. 

On 16 November 2024, RME entered into a transitional sale agreement with Resource Capital Funds (RCF), including an investment from Australia’s sovereign manufacturing investment fund, the National Reconstruction Fund Corporation (NRFC), with the agreement reaching completion on 15 May 2025, at which time RCF became RME’s majority shareholder.

RME Chairperson and Head of RCF Innovation, Andrew Jessett, described the change in RME’s ownership, including the investment from Novo Tellus, as the beginning of an exciting new chapter for RME. 

“It secures the future of our Company, ensuring that RME can continue to develop advanced manufacturing capability in Australia, and the additional capital will allow us to take it to the next level,” Mr Jessett said.

“It will enable us to meet the challenge of creating new and better ways for our Customers and RME to be successful, including a truly world-class OEM business, revolutionary automation technology, and expanded site service and optimisation capability and capacity. 
 
“It’s a formidable combination – RCF’s mining investment experience, NRFC’s funding, Novo Tellus’ industrial and advanced manufacturing specialism, and RME’s high-performance team and culture. It ensures RME will continue to reach its next level of technological and operational potential, more quickly. 

“As demand for critical minerals and metals like copper grows, RME will continue to strengthen its position as the world's most trusted OEM of mill relining technologies. As always, our number one priority remains the continued delivery of exceptional products and services to our Customers.”

Technology-enabled industrial and advanced manufacturing

Headquartered in Singapore, with investment professionals and advisers located globally, Novo Tellus is a specialist investment firm focused on the industrial and technology sectors. Founded in 2010, Novo Tellus is known for its hands-on business building approach, its close partnerships with management teams, and successfully scaling mission-critical manufacturers globally. 

Novo Tellus Managing Partner and Co-Founder, Wai San Loke said, “RME’s combination of engineering excellence, proprietary technology and global customer relationships make it a distinctive industrial technology business.

“RME has built a globally significant business from Australia with technology that plays a critical role in making mill relining safer, faster and more productive.

“We have great respect for what John, the RME team and its existing shareholders have created. We look forward to working alongside RCF, the NRFC and the management team to support RME’s next phase of growth.”

Novo Tellus’ new shareholding in RME is the first investment it has made in an Australian company, and reflects the firm’s focus on engineering-led businesses with strong intellectual property and important positions in global supply chains. 

It has allocated significant additional capital to support RME in its next phase of growth. 

The investments realise the aim of the Australian Government’s NRFC to attract foreign direct investment and cross-border information exchange.

RME Board membership

Novo Tellus Partner, Daniel Hong and Principal, Chong Ni have joined the RME Board. They will serve alongside RME’s existing directors representing RCF, including Andrew Jessett and Lyle Bruce. Andrew Jessett continues in his role as Chairperson of RME’s Board.

A representative of the NRFC is continuing as a Board Observer, while John Howard, RME’s former Chief Financial Officer and member of the Chief Executive Team, is continuing as Company Secretary.

The achievement of the final milestone in the transitional sale agreement results in the planned retirement from the Board of RME’s founder, Dr John Russell, along with the planned retirements of Dr Peter Rubie and Cherylyn Russell.

Dr Russell actively pursued succession plans for RME’s ownership to ensure RME would continue to strengthen, in perpetuity, honouring the growth and ongoing potential of the Company for the benefit of RME’s people and Customers.

“John, Peter and Cherylyn are each responsible for extraordinary contributions to RME’s legacy of global industry transformation, unparalleled safety and productivity improvements for Customers, the creation of sovereign manufacturing capability and local jobs, and many other enduring community benefits,” Mr Jessett said. 

“We wholeheartedly acknowledge their incomparable contributions and look forward to celebrating and thanking them more formally.”

Dr Russell described the conclusion of the sale agreement as the achievement of his goal to secure and strengthen RME’s future. “I am delighted by the combination of RME’s new ownership, now including the Novo Tellus team. It is a compelling combination of capital, knowledge and experience,” Dr Russell said.
 
“It secures and strengthens the Company’s future, enabling it to scale faster and further, while also reaching its next stage of technological and operational potential more quickly. Importantly for me, as a proud Australian, it also ensures that RME can continue to develop advanced manufacturing capability in Australia. Above all, this particular mix of investment, knowledge and experience, along with RME’s high-performing global team of more than 450 talented individuals, gives me confidence to transfer the Company to new ownership in the best possible position. 

“RME is the world's most trusted original equipment manufacturer of mill relining technologies. I make that statement with absolute confidence. I also make it with humility and deep gratitude for past and present colleagues, our Customers, suppliers and everyone who has contributed to our impact and success to date. Together, through juntos, we have transformed our industry through safety and productivity improvements, and together, RME’s Customers, people, and new ownership, will continue to fulfill RME’s purpose. It is a purpose that has never been more relevant, necessary or important than it is today as we rise to meet the challenges of the energy transition. I could not be more proud of who RME is today, and I am excited at the prospects of its continued growth and prosperity.”