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In a moment of irritation, John Russell had a vision to mechanise a dangerous and expensive job that was shutting down mine sites for weeks, costing up to $500,000 an hour.
In the early 1980s, Mount Isa's mine was producing about 3 per cent of the world's copper.
And every three to six months Dr Russell had to shut it down for weeks to replace the cast steel liner in the mill — a machine that takes mineral ore and grinds it down for further processing.
"When that mill stops the revenue generation of the entire mine site stops. That might be a very high value, $50,000 an hour up to half a million dollars an hour," Dr Russell said.
RME equipment like this Russell Twin 8 Mill Relining Machine can be found on more than 440 mine sites across the globe. (Supplied: Russell Mineral Equipment)
Almost 40 years later, Russell Mineral Equipment (RME) is the global leader in grinding mill relining technology.
It is now the first to receive investment from the federal government's long-awaited National Reconstruction Fund Corporation (NRFC).
Part of a $100 million takeover plan that will see the firm become a public-private partnership, Dr Russell said it will accelerate innovation and ensure it remains Australian-owned.
Re-imagining the grind
It was during a stint in charge of maintenance at Mount Isa Mines when Dr Russell came up with the idea that would become his life's work.
Hard rock mines, where metals like copper, gold, or nickel are extracted, use mills to crush the ore down to between 75 to 150 microns in size.
That is finer than the grind for coffee used to make espresso.
"That's achieved in these gigantic rotating cylinders. The ore pours in one end and the mills roll the rock around, often with steel balls inside, to reduce the rock to this micron size," Dr Russell said.
To protect it from damage, the cylinder is lined with steel that wears down over time and must be replaced.
"What might be an 8-tonne liner when it's new might be a two-tonne liner when they take them out," he said.
"When they were worn out, that dictated when the big shutdowns happened."
Replacing the liner was dangerous, costly, and time-consuming.
"It was the job that took the longest in the shutdown process," he said.
"The time it took to exchange [liners] basically drove plant availability, which drove annual production, which drove profitability at the whole mine site.
"What we've done is mechanised a very dangerous process. It's also sped up relining from what might have taken [in] a worst-case scenario weeks to days."
The relining system Dr Russell went on to develop is today used on more than 440 mine sites in 64 different countries.
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.
Even after being touted by the federal Minister for Industry and Science Ed Husic as a success story, he said it was tough to remain an Australian-owned manufacturer.
"If you're the best in the world at something and you make a quality product then you can actually have a viable business out of it," he said.
"Lower value, less innovative things are a bit of a struggle."
RME employs 450 people around the world, including 300 in Toowoomba, southern Queensland. (Supplied: Russell Mineral Equipment)
But Dr Russell said new ideas were worth pursuing, even in difficult business environments.
"If you've got the passion to follow it just go for it," he said.
He said innovation took immersion, observation, irritation, action, and perseverance.
"Innovation is not a simple path. There's observation, there's the inventiveness, but my God you need the perseverance, the stamina, to see it through," he said.
"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.
"Lots of people get irritated but they don't do anything about it. Between the idea and the action lies the shadow."
From success to succession
The $40 million RME will receive in taxpayer funds is part of NRFC's first strategic investment partnership, a $100 million deal that will see it and another investor, US-based private equity firm Resource Capital Funds (RCF), take ownership of the company.
Loading...Dr Russell said the agreement would ensure the company remained Australian-owned and operated from Queensland.
"I didn't build RME with the intention of selling it, but at this stage in my life it was important and responsible that I actively pursue succession plans," he said.
NRFC chief investment officer Mary Manning said the investment would be used to grow RME's local operations.
"Our partnership with Resource Capital Funds underscores our strategic focus to work with private capital with sector expertise to unlock new opportunities for growth in high-value and high-tech Australian manufacturing," Dr Manning said.
"We look forward to continuing our relationship with RCF as we jointly pursue further investments in the Australian resources innovation sector."
Head of RCF Innovation Andrew Jessett has been an advisor to RME's board since 2019.
"The energy transition, ESG (environmental social governance) requirements, and the declining quality of mineral reserves are forcing the mining industry to transform," Mr Jessett said.
"We are pleased to be working with the NRFC to support innovative companies in Australia with the potential to benefit the global mining industry."
(from left) Board directors Peter Rubie and Cherylyn Russell will work alongside John Russell in the new partnership. (Supplied: Russell Mineral Equipment)
Alongside his wife, Cherylyn, and colleague Peter Rubie, Dr Russell said he would be staying on the board in the short term.
"Andrew [Jessett] is aware of my determination to ensure RME lives in perpetuity," he said.
"It's been very, very nice to provide opportunity for Australians, but it's been nice to provide opportunities for 150-odd people around the world who aren't Australian.
"The people side of the business is always the most rewarding, and I love Toowoomba."