Resource Equipment (RQL), a company we have mentioned before in...

Resource Equipment (RQL), a company we have mentioned before in this column hit the world news last week with Fox News sending a headline report: GIANT WATER CANNON ARRIVES TO HELP BATTLE JAPAN NUKE CRISIS.

The bulletin said that it was delivered by the Australian government, but it showed Resource Equipment's brand ?REL? on THE GIANT WATER CANNON arriving in Fukushima.

The company has also been instrumental in assisting mining companies to pump water out of their mines in the aftermath of the floods in Queensland.

Before you jump to the conclusion that the company is a charity, all its equipment has been rented out. In the case of the Japanese disaster, it was the giant US contractor Bechtel. It provides water pumps to many of the big miners, including BHP Billiton, Rio Tinto, Anglo American, Xstrata and Consolidated Minerals, according to chief executive Jamie Cullen.

Cullen is keen to emphasise that profit growth is not reliant on disasters or the weather, but on the increasing mining activities of the big boys:

?The bigger the hole, the greater the likelihood of water issues,? he says.

At 66 cents Resource Equipment has a market cap of $150 million and many small cap fundies are buying the story. Trading on a PE of 10 times for fiscal 2012, RBS Morgans rates the stock a "buy" and has a target price of 88 cents.

Resource shares were up 2 cents, or 3 per cent, to 68 cents today.

Charity might not be Resource Equipment's priority, but growth definitely is.