Novo Tellus, a Singapore-based investment firm focused exclusively on industrial and technology companies, announced Wednesday the closing of a significant investment in Russell Mineral Equipment (RME), a mill relining systems and aftermarket services firm for the mining and mineral processing industries.
The investment is Novo Tellus’ first in an Australian company, the firm said in a statement, adding that it joins Resource Capital Funds (RCF) and Australia’s National Reconstruction Fund Corporation (NRFC) in supporting RME’s next phase of growth.
The closing marks the final milestone in RME’s transitional sale agreement, completing the ownership succession plan set in motion by RME’s Founder, John Russell.
Headquartered in Toowoomba, Queensland, RME invented the modern mill relining machine and has spent four decades building the technology, installed base, and global service network that make it the partner of choice for one of mining’s highest-stakes maintenance tasks.
RME’s systems enable critical mineral producers worldwide to reline their grinding mills in less time and at lower risk, returning vital assets to production sooner.
As demand accelerates for the materials underpinning electrification, data centers, and the infrastructure of the artificial intelligence (AI) revolution, RME’s technologies sit at the heart of safe, efficient, and reliable metals production.
“We look for companies with leading technology in mission critical fields, and RME is a defining example. The vast majority of the copper and gold the world produces passes through a grinding mill, and RME’s relining systems are what keep those mills safe, productive, and available,
“As the AI revolution drives unprecedented demand for the metals that power grids, data centers, and advanced manufacturing, we believe RME’s technology has never been more strategically important,” Novo Tellus Managing Partner Wai San Loke said.
Reflecting on RME’s growth prospects, Daniel Hong (Partner) and Chong Ni (Principal) at Novo Tellus noted that RME supports mining operations globally across the world’s most sophisticated mine sites, with an installed base that creates deep, long-term service and support relationships.
“We see significant opportunity to expand RME’s automation capabilities and to grow its aftermarket services business — bringing more relining capability, spares, and site services closer to miners around the world,
“We look forward to working alongside RCF, the NRFC, and RME’s high-performance team to realize that ambition,” the duo said.
The investment closed in June 2026, with Novo Tellus and its partners already working actively with RME’s leadership team to build the company’s future together.
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