Good evening,

Mining giant Rio Tinto is the latest of its ilk to bring in bankers specifically for decarbonisation.

Street Talk can reveal Rio has had Macquarie Capital toiling away on greening its Queensland power sources for a few months now, similar to Fortescue’s reasoning for hiring Citi.

At Rio, the elephant in the room is the miner’s partly owned coal-fired power station Gladstone, especially against the backdrop of its net-zero by 2050 pledge.

Sources said US investment bank Jefferies has been advising the Queensland government on its options around Gladstone. It’s hard to see what shape a deal takes, but bankers are keeping a close eye on the power generator, should it land on the chopping block.

Elsewhere, Citi has just won the mandate to sell Cura Day Hospitals after ousting Bank of America; and Adamantem Capital was closing in on PAC Trading.

Lastly, TPG Capital, and Alvarez & Marsal poach talent from rivals.

Happy reading,
Sarah Thompson, Kanika Sood and Emma Rapaport
Street Talk editors