Australia’s National Reconstruction Fund (NRF) has announced its first major investment, committing A$40 million ($26 million) to strengthen mining equipment manufacturing in Queensland. This move marks a significant step for the newly established fund, created by the Labor government in 2023.
The investment will go to Russell Mineral Equipment (RME), a Queensland-based manufacturer specializing in liners for crushing plants used on mine sites. The funding will be part of a joint A$100 million partnership with Resource Capital Funds.
NRF Chair Martijn Wilder emphasized that this first investment aligns with the government’s broader aim to enhance Australia’s mining supply chain and bolster domestic manufacturing. He stated, “RME’s cutting-edge solutions not only boost productivity but also enhance safety.”
The A$15 billion NRF was one of the key promises made by Prime Minister Anthony Albanese during the 2022 election campaign, aiming to revitalize manufacturing and supply chains that were disrupted by the Covid-19 pandemic. The latest move comes as the country anticipates a national election by May 2025.
Wilder hinted that more investment announcements are expected in the coming weeks and months, particularly targeting areas where traditional investors are hesitant, such as innovation and manufacturing within Australia.
