Russell Mineral Equipment
Russell Mineral Equipment (RME) is a leading global manufacturer and supplier of mill relining technology, asset support and optimisation services.
Need
Following a change in ownership, RME needed to transform its existing guarantee facility so that it could continue to offer guarantees to customers worldwide.
Solution
We provided RME with a $15 million guarantee facility to support its existing bank facility, enabling the uninterrupted export of its products to mining operations across the globe.
Founded in 1985, RME has revolutionised the way grinding mills are maintained and is now a global exporter supporting over 440 mine sites across 64 countries. With our backing, RME continues to expand its international footprint, navigating complex transactions and remote markets with confidence.
For over 40 years, the Toowoomba-based business has been a world leader in the engineering of fast, reliable and safe technologies for relining grinding mills.
Grinding mills are used by mines to separate valuable minerals from the surrounding waste rock. RME’s innovative solutions make maintaining grinding mills safer and more efficient.
RME’s founder, John Russell, saw the opportunity to improve the way mills were relined in 1985. He set out to mechanise the process to improve safety, reduce downtime and increase mine site profitability.
Since then, RME has expanded to employ 500 people across 64 countries, with more than 440 mine sites worldwide as customers.
“Pretty much 95% of what we do is export orientated – often to customers in very remote and difficult places where you find many of the world’s mines,” said John Howard, RME’s Chief Financial Officer.
With Export Finance Australia's assistance, we have been able to find an elegant solution for how we satisfy both our customers’ and banks’ guarantee requirements going forward.
John Howard, Chief Financial Officer, Russell Mineral Equipment
Backing RME with a guarantee
When operating globally, businesses often receive large deposits upfront and are required to provide performance warranties as security.
Providing these guarantees may also require businesses to cover 100% of the contracted guarantee value in cash for security.
“We regularly provide those types of guarantees to our customers, and it's a very large part of our overall banking facility,” John explained.
In 2024, following a change in ownership, RME needed support to maintain a guarantee facility with its bank, to enable it to continue offering guarantees for customers worldwide.
I would encourage people to engage with Export Finance Australia. Engage early, engage regularly, even if you’re not exactly ready yet. Start a dialogue, they’re quite open.
John Howard, Chief Financial Officer, Russell Mineral Equipment
“Export Finance Australia provided us with a $15 million guarantee facility in support of our existing bank guarantee facility. So, while our bank’s paper is what our customers see, Export Finance Australia is standing behind that bank guarantee,” explained John.
RME has ambitious plans to continue its global expansion and values the collaborative partnership it has developed with our team.
“We see the support we get from Export Finance Australia as a long-term strategic financial arrangement that allows us to continue to operate and grow in this global world,” John said.
RME’s experience illustrates how we’re able to help even long-established Australian exporters expand globally. With our support, RME is contributing to Australia's reputation as a global innovation leader in mining services.
