Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Analysts say near-term demand for iron ore remain strong, supporting prices.
Australia’s National Reconstruction Fund will invest A$40 million ($26 million) to boost mining equipment manufacturing in the state of Queensland, the billion-dollar vehicle’s first investment since being set up by the Labor government in 2023.
The independent fund will invest in Queensland-based Russell Mineral Equipment (RME) as part of a joint A$100 million co-investment partnership with Resource Capital Funds, National Reconstruction Fund Corp. chair Martijn Wilder announced on Monday.
RME will receive the funds as part of the government’s push to value-add to the mining supply chain in Australia. The company develops liners for crushing plants, or mills, on mine sites.
“Our investment in RME represents a first step for the NRFC in backing leading Australian manufacturers,” Wilder said in a statement. “RME’s cutting-edge solutions not only boost productivity but also enhance safety.”
The A$15 billion investment fund was a key promise of the center-left Labor party ahead of their 2022 election win, part of a pledge by Prime Minister Anthony Albanese to boost domestic manufacturing and bulk up supply chains in the wake of the Covid-19 pandemic. With Australia facing a national election due by May 2025, Monday’s announcement is the first allocation of funds decided by the corporation.
(By Ben Westcott)
Comments