ASX-listed K2fly Ltd has clinched a five-year contract with leading platinum, palladium and gold producer Sibanye-Stillwater, who has signed on for the implementation of the resources software-as-a-service provider’s Decipher mining tailings management solution. K2fly says the South African-headquartered Sibanye-Stillwater intends rolling out K2fly’s software at all of the miner’s more than three dozen tailings storage facilities it operates in southern Africa and the United States.
According to K2fly, the total value of the new deal comes in at an impressive $2.85 million and will generate annual recurring revenues of $475,000 per annum for K2fly over the initial five-year contract term.
The Sibanye-Stillwater tie-up comes hard on the heels of K2fly’s recently announced five-year extension to its existing contract with the world’s largest gold mining company, Newmont Corporation for the continued delivery of K2fly’s resource governance cloud-based software-as-a-service solution.
The Perth-based company’s contract period with US-headquartered Newmont has now been extended out to March 2028, with the five-year extension component weighing in at a total contract value of about $1.3 million.
K2fly says its Decipher cloud-based technology will enable Sibanye-Stillwater to integrate multiple data sources relating to tailings management across its multiple operations into a single platform.
The tailings software solution will pave the way for transparent disclosure and reporting, analytics and performance monitoring, according to K2fly.
Recently installed K2fly Chief Executive Officer Nic Pollock said: “This is our first solution with Sibanye-Stillwater and we are very proud to be working with another precious metals producer. K2fly now works with five of the top 10 gold producers globally.”
Management says the Sibanye-Stillwater contract now makes it five members of the International Council on Mining and Metals to have signed up for K2fly’s Decipher tailings management software solution.
The take-up points to increasing demand for K2fly’s tailings product offerings and a “runway” towards further sales with other resources companies, the $38 million market-capped company says.
K2fly says all 28 members of the International Council on Mining and Metals were committed to the Global Industry Standard on Tailings Management that was established last year.
However, the standard was not limited to council members and was accessible to the whole mining industry.
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By Matt Birney
