K2fly signs Rio contract

Perth technology company K2fly has signed one of its largest contracts, worth $3.4 million over five years, with Rio Tinto.

Rio will use K2fly software to monitor ground disturbance at its Pilbara iron ore mines.

This takes to five the number of software solutions that K2fly supplies to Rio Tinto, with others including resource inventory & reconciliation, dams & tailings and mine geology data management.

The new contract will provide a substantial boost for K2fly, which reported total revenue of $6.9 million for the year to June 2021.

It is the latest of several substantial multi-year contracts signed by K2fly.

These include a $2.85 million contract with US mining company Sibanye-Stillwater, a $1.3 million contract with gold miner Newmont and a $1.5 million contract with Alcoa.

K2fly's share price was up 8.9 per cent to 30.5 cents today.