Russell Mineral Equipment's cost-saving processing machinery gets $40m investment

  • 📰 abcnews
  • ⏱ Reading Time:
  • 40 sec. here
  • 8 min. at publisher
  • 📊 Quality Score:
  • News: 40%
  • Publisher: 83%

Russell Mineral Equipment News

National Reconstruction Fund,Ed Husic,Manufacturing

John Russell had a vision to mechanise a dangerous and expensive job that costs mines up to $500,000 an hour, and now the federal government will invest in the company he founded thanks to the National Reconstruction Fund Corporation.

is the global leader in grinding mill relining technology.from the federal government's long-awaited National Reconstruction Fund Corporation .

"What might be an 8-tonne liner when it's new might be a two-tonne liner when they take them out," he said.Replacing the liner was dangerous, costly, and time-consuming."The time it took to exchange basically drove plant availability, which drove annual production, which drove profitability at the whole mine site.

RME employs 450 people globally with about 300 of those based in Toowoomba, about 120km west of Brisbane, and 90 per cent of its production is exported. "Actually seeing, deeply seeing, and understanding what you're doing is important, and then you'll see things that you don't like. You're irritated. NRFC chief investment officer Mary Manning said the investment would be used to grow RME's local operations.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mineral Resources boss Chris Ellison shown exit after revelation he used company resources for personal benefitBillionaire mining CEO fined $8.8m amid investigation, which follows accusations he failed to disclose revenue generated by overseas entities to tax authorities
Source: GuardianAus - 🏆 1. / 98 Read more »