Midway Limited (the Company) is pleased to announce it has been appointed by Rio Tinto, to develop Pongamia seed farms to test its viability as a sustainable renewable diesel feedstock.
Midway will design, execute and manage approximately 3,000 ha of Pongamia seed farms and associated biodiversity plantings from a new office in North Queensland. The team will employ from local communities and businesses, contributing to the region’s economic growth.
Midway has also been contracted to provide land acquisition, due diligence advice, farm and irrigation development, operations management, project management, and carbon related consulting services.
Pongamia, Millettia pinnata, is a medium sized, fast-growing tree or shrub, that produces seed with a high oil content. Renewable diesel is a drop-in alternative to fossil diesel fuel. It is made from fats and oils and emits significantly less carbon emissions than conventional diesel, over the lifecycle.
Tony McKenna said: “We are delighted to have been appointed to partner with Rio Tinto to help them achieve their biofuel ambitions.
This is a significant achievement for the carbon team at Midway and we are very excited to be partnering with Rio Tinto on this innovative pilot project. The collaboration reinforces our reputation as trusted advisors with the capability and experience to deliver large scale carbon abatement projects for emitters who are committed to reducing their net emissions.”
Rio Tinto Chief Decarbonisation Officer Jonathon McCarthy said: “While we have successfully integrated renewable diesel in our United States operations, Australia currently lacks a sufficient biofuel feedstock industry to meet domestic demand. The pilot represents an important step in helping to bridge that gap and advance our decarbonisation goals.”
“Developing a sustainable biofuels industry in Australia could enhance the region’s fuel security, create local economic opportunities, and contribute to emissions reductions targets. We are excited about the potential of the Pongamia pilot and look forward to partnering with Midway Limited and north Queensland communities.”
Biofuels are playing an increasing role in Rio’s decarbonisation strategy as they provide an opportunity to reduce fossil diesel use, and the emissions generated, while electrification technology develops.
Rio Tinto has converted two US mining operations to renewable diesel over the past year and has been working to better understand the biofuels industry, market conditions and opportunities in Australia.
Georgie Morell
Investor Relations and Media Adviser
T: +61 438 008 383
E: georgie@morellandco.com
Rob Bennett
Company Secretary
T: +61 438 556 145
E: rbennett@midwaylimited.com.au
