- A Perth-based tech company has signed a $1.45 million five-year contract with Rio Tinto, effective immediately
- The company, K2Fly, will bring its RCubed Mineral Resource analysis software to over 20 sites
- The software helps to streamline mineral reporting, compliant with codes such as JORC
- K2Fly is up a healthy 18.9 per cent today with shares trading for 22 cents apiece
Mining giant Rio Tinto has signed a five-year contract with Perth-based tech company, K2Fly.
Rio Tinto will use K2Fly’s ‘RCubed Mineral Resource’ software to augment its exploration and processing sites.
Implementation will be across 20 sites globally and will begin immediately. The total contract value is for $1.45 million.
This new contract adds on the already existing ones with Nexa Resources and Glencore Canada that were signed a few months ago.
At the end of September, both of K2Fly’s products, Infoscope and RCubed, were deployed in more than 40 countries and more than 200 sites.
The RCubed solution will replace an in-house system and will assist Rio Tinto in providing mineral resources and ore reserves reporting, as well as governance for its shareholders and regulators.
The contract with Rio Tinto further increases the strong annual recurring revenue growth that K2Fly is experiencing of a 150 per cent compound annual growth rate over the last four quarters.
“Rio Tinto’s signing represents a significant milestone for K2Fly and is further recognition from a Tier 1 miner that our RCubed solution represents the most compelling offering in resource governance solutions,” K2Fly chief commercial officer Nic Pollock said.
“We are extremely proud to be working with such an industry leader.”
K2Fly’s RCubed solution is a resource and reserve reporting solution that aligns with common codes such as JORC, South African Mineral Resource Committee, and NI43101.
As with all of K2Fly’s solutions, each operation and all relevant data is captured at base level and involves comprehensive data capturing reporting.
The Infoscope Land Management System, developed by K2Fly, is a solution that helps small and large companies to maintain their ‘social licence’ to operate on land.
It provides a single, spatially integrated solution to manage information relating to land access and compliance across multiple industries.
It delivers effective stakeholder, tenement, cultural heritage, native titles, and environmental management.
K2Fly is up a healthy 18.9 per cent today with shares trading for 22 cents a piece at 1:20 pm AEDT.