Novo Tellus Partners with RCF and NRFC to Complete Buyout of Russell Mineral Equipment

SINGAPORE, July 22, 2026 /PRNewswire/ -- Novo Tellus, a specialised investment firm focused exclusively on industrial and technology companies, is pleased to announce the closing of a significant investment in Russell Mineral Equipment (RME), the global leader in mill relining systems and aftermarket services for the mining and mineral processing industries. The investment is Novo Tellus' first in an Australian company.

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 centres, and the infrastructure of the AI revolution, RME's technologies sit at the heart of safe, efficient, and reliable metals production.

Novo Tellus 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, Dr John Russell.

Novo Tellus Managing Partner Wai San Loke said, "We are proud that our first investment in Australia is a company of RME's calibre. 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 centres, and advanced manufacturing, we believe RME's technology has never been more strategically important."

Reflecting on RME's growth prospects, Daniel Hong (Partner) and Chong Ni (Principal) at Novo Tellus noted, "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 realise that ambition."

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.

About Russell Mineral Equipment

RUSSELL MINERAL EQUIPMENT (RME) is the world's leading Mill Relining Systems Technology supplier. RME invents machine systems and service-based solutions for problems encountered in the world's mining and mineral processing industries. Its technologies deliver short shutdowns, high mill availability and safe working environments. Established in 1985, RME has grown to support customer operations across 440+ mine sites and 64 countries, has 13 International Sales and Service Centres and employs more than 450 people worldwide. To learn more, visit www.rmeglobal.com.

About Novo Tellus

Novo Tellus is a specialised investment firm with over US$1 billion under management, focused exclusively on industrial and technology investments. Founded in 2010, Novo Tellus is headquartered in Singapore with investment professionals and advisers located globally. The firm forms close partnerships with business leaders to create lasting growth by growing core business products, services, people, and value to customers. Novo Tellus investors come from engineering, operating, entrepreneurial and investing backgrounds to build empathic and deeply-informed partnerships with management teams to realise ambitious growth. To learn more about partnering with Novo Tellus, visit www.novotellus.com.