K2fly does software deal with Wesfarmers subsidiary

ASX-listed mining “software-as-a-service” provider, K2fly, has continued to expand its mining software offerings by partnering with Wesfarmers-owned Decipher, to create an integrated monitoring and governance platform for tailings storage facilities.

Perth-based K2fly and Decipher have combined their complementary technology strengths to offer a solution that will help mining companies manage their tailings storage risks, a hot topic in recent times.

Tailings material is the waste remaining after the chemical processing of ore to extract mineral concentrates and they are typically stored within engineered containment structures known as tailings storage facilities or tailings dams.

Dam failures are generally the result of uncontrolled releases of water, waste material or by-product and can present a significant environmental hazard.

The well-documented catastrophic tailings storage facility failures in Brazil at two iron ore mines over the past five years resulting in hundreds of lives lost, have thrust this issue into the spotlight in recent times.

K2fly’s Chief Commercial Officer, Nic Pollock said: “Our proposed solution will ensure industry has access to a significantly better tool to aid monitoring and governance of TSFs to recognised standards.”

“The solution reflects best practice and will support compliance with the global industry standard on tailings management recently endorsed by the International Council on Mining and Metals and other Global Tailings Review convenors, as well as standards set by national regulatory bodies.”

Perth-based Decipher, which was born out of Wesfarmers’ industrial division in 2017, provides mine rehabilitation, tailings storage management and waste monitoring software solutions via the cloud.

The partnership, and the software solution provided, offers a direct response to a recently published report by KPMG which recognised tailings management as one of the top 10 risks to the global mining industry.

Decipher Chief Executive, Anthony Walker said: “The resources industry needs a solution that is cost effective, comprehensive and accessible – and we can deliver on that.”

According to K2fly, the two companies have commenced discussions with several global miners about the proposed tailings management solution, which can also be deployed remotely during the COVID-19 pandemic.

Earlier this week the Perth-based technology group announced the sealing of a five-year contract with yet another resource big hitter, French-headquartered Orano, who has agreed to take up K2fly’s RCubed mineral resource and reserve reporting software solution.

The company also reported that annual recurring revenues from its “software as a service” solution have reached $2.36 million, representing quarterly growth of 29 per cent and a compound annual growth rate of 177 per cent.

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