Why Rio Tinto has bought 3000 hectares of grazing land

According to The Australian Financial Review, Rio Tinto has bought 3000 hectares of grazing land near Townsville on which it plans to grow thousands of trees as the iron ore major pushes into carbon-neutral fuels.
About 750,000 pongamia trees will be planted on the property under a plan to harvest the seeds and refine their oils into a form of renewable diesel to power Rio’s trucks and generators. Rio believes carbon-neutral biofuels will play an important role in curbing emissions in the next decade, given the development of battery-powered mining equipment is expected to take longer than expected.

https://www.afr.com/companies/energy/rio-tinto-moves-into-green-oil-20240909-p5k94z