08/03/2021 - 16:36

K2fly adds Coeur Mining to North American customer base

08/03/2021 - 16:36

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K2fly has added NYSE-listed precious metals mega-miner, Coeur Mining to its Software-as-a-Service customer base after Coeur inked a 5-year deal for the company’s industry-leading RCubed Resource Inventory software. The 5-year deal to be rolled out across Coeur’s five North American mine sites is worth A$718,000 over the period and has pushed K2fly’s total contract value for its software as a service offering to A$8.7m.

K2fly has added NYSE-listed precious metals mega-miner, Coeur Mining to its “software-as-a-service” customer base after Coeur inked a 5-year deal for the company’s industry-leading “RCubed” resource inventory software. 

The 5-year deal to be rolled out across Coeur’s five North American mine sites is worth a total of A$718,000 and has pushed K2fly’s total contract value for its software as a service offering to A$8.7m.

The new deal comes of the back of a solid set of December 20 half yearly figures for K2Fly who posted a significant 29 per cent uplift in revenue for the half year.

K2Fly’s latest deal with giant mining company, Coeur, whilst significant, comes as no surprise as Coeur will join the likes of Rio Tinto, Gold Fields Ltd and multiple other Tier-one miners on the K2Fly client list.

K2fly’s Chief Commercial Officer, Nic Pollock said: “We are delighted to add another US-based, NYSE listed company and yet another gold producer to the growing list of companies using our governance and reporting software”.

“Additionally, it further validates that K2F’s RCubed software solution is the leading solution in the mining technical assurance space globally for Resource and Reserve Governance and Reporting in all commodities and especially Gold, where we service five of the top ten global gold miners by market capitalisation.”

K2fly opened an office in Denver Colorado last year to chase additional software as a service customers in-country.

K2Fly says its resource and mining governance package is suitable for most of the major bourses around the globe, including the NYSE, the Toronto Stock Exchange and the ASX in particular, to name just a few.

Coeur Mining has a market capitalisation of around US$2 billion and runs five operating mines across North America from its corporate base in Chicago, Illinois.  Coeur produces mainly gold and silver from both open pit and underground operations stretching south from Western Canada, through the USA to northern Mexico.

Coeur’s North American dirt boasts a tad over 3Mozs of gold reserves and a gigantuan 259Moz of silver.  Associated with those precious metals is also a couple of hundred million pounds of lead and 300-odd million pounds of zinc still to be monetised.

K2fly’s primary software offering is its “RCubed” Resource Inventory ore reserve management system and its “Infoscope” product which manages heritage, land, stakeholder engagement and other environmental and social governance areas, largely for the resources and energy sector.

Interestingly, the mining governance software disruptor recently picked up the software business of SATEVA which brought Rio and its Pilbara-based neighbours, Fortescue Metals Group and Roy Hill into the fold at K2fly.

SATEVA specialises in building IT applications in fields such as exploration, grade control, planning, ore tracking, inventory management, reconciliation and data management for the mega-miners.

K2fly continues apace soaking up as many of the global miners it can with its software solutions and it seems the word may be spreading now as the company expects more, multi-year contracts to drop out of its current round of negotiations.

 

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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