- Software developer K2fly (K2F) has won a contract extension from Fortescue Metals Group (FMG)
- FMG has agreed to extend K2F’s land management solutions in the Pilbara region for a further three years
- Additionally, the iron ore explorers have also agreed to use K2F’s technology in its overseas operations in Europe and South America
- Under the new contract, value has increased to $485,000 per year, meaning the total contract value for three years is $1.4 million
- On the market this morning, K2F is up 6.35 per cent and is trading at 33.5 cents per share
K2fly (K2F) has won a contract extension from Fortescue Metals Group (FMG).
FMG has agreed to extend K2F’s land management solutions for a further three years for its Pilbara operations.
Additionally, the iron ore giants also agreed to use K2F’s technology in its overseas operations in Europe and South America.
Under the new contract, the value has increased to $485,000 per year, meaning the total contract value for three years is $1.4 million.
K2F’s system has been used by FMG for the past nine years and will be in use for 12 years by the end of the new contract.
The company says demand continues to grow for its land management solutions as investors focus on environmental, social and governance performance across the sector.
“We are delighted to continue our long-standing partnership with FMG which commenced in 2012,” K2F CEO Brian Miller said.
“The FMG approach in looking at this as an integrated solution across
heritage, environment, tenements, land use permits, and social investment rather than in silos is world’s best practice. We are excited about where we can take this with FMG and other customers,” he added.
On the market this morning, K2F is up 6.35 per cent and is trading at 33.5 cents per share at 11:50 am AEST.