Novo Tellus buys mining tech leader RME in first Australian deal
What's the deal? Singapore's Novo Tellus has completed a buyout of Russell Mineral EquipmentDealroom has a profile for this one. Try Dealroom → (RME), the Toowoomba, Queensland-based leader in mill relining systems for the mining industry. The investment firm partnered with Resource Capital FundsDealroom has a profile for this one. Try Dealroom → (RCF) and Australia's National Reconstruction Fund Corporation (NRFC) on the deal, which closed in June 2026.
Who's involved? Novo Tellus, founded in 2010 with more than $1 billion under management, invests exclusively in industrial and technology companies. RME, established in 1985, invented the modern mill relining machine and now supports operations across 440 mine sites in 64 countries, employing more than 450 people.
Why now? The deal completes an ownership succession plan set in motion by RME founder Dr John Russell. It also marks Novo Tellus' first investment in an Australian company.
What's the endgame? Novo Tellus sees room to expand RME's automation capabilities and grow its aftermarket services business, bringing more relining capacity, spares, and site services closer to miners globally.
Why it matters: RME's systems help producers reline grinding mills faster and at lower risk, returning assets to production sooner. "The vast majority of the copper and gold the world produces passes through a grinding mill," said Novo Tellus managing partner Wai San Loke.
The signal: The deal ties an industrial maintenance specialist to surging demand for metals underpinning electrification, data centres, and AI infrastructure. As Loke put it, RME's technology "has never been more strategically important."
Read more: finanznachrichten.de
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