05:43 AM EDT, 08/12/2024 (MT Newswires) -- (Updates throughout to incorporate statement from Qantas.)

BHP Group ( BHP ) , Rio Tinto (RIO) and Qantas will invest a combined 80 million Australian dollars ($52.7 million) in an Australian carbon credits fund aimed at land reforestation projects, Qantas said Monday.

The fund -- which is managed by Silva Capital, a joint venture of Roc Partners and C6 Investment Management -- is looking to generate AU$250 million to originate and manage Australian Carbon Credit Units.

Qantas said it will finance its investment in the project through its AU$400 million Climate Fund, which was established last year.

BHP, Rio Tinto did not immediately respond to MT Newswires' requests for comment.

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