K2fly wins Freeport-McMoRan mining software contract

ASX-listed K2fly has inked a $768,000 three-year contract with Freeport-McMoRan to provide its unique cloud-based “RCubed” mineral resource governance platform across all twelve of Freeport’s global operations. Freeport is the 16th client to use K2fly’s RCubed software that K2fly says is the only commercial solution of its type available anywhere in the world.

The annual recurring revenue part of the deal, a metric that often underpins tech companies, is expected to be $200,000 a year.

K2fly says RCubed covers both resource inventory and reconciliation in addition to block model management and governance at mine sites.

It captures mineral reserve and resource data and K2fly says it is reported by the software in a way that is compliant with reporting requirements of the various stock exchanges around the world.

The company says the program also stores ore block model data in the cloud and allows easy access to the data enabling demonstration of governance both within the client organisation and to external auditors.

Interestingly, Freeport-McMoRan is one of the world’s largest copper producers and joins a star-studded K2fly client list that consists of some of the largest miners in the world.

K2fly had its biggest ever contract win last quarter by signing Rio Tinto to an additional $3.44 million contract over five years.  Glencore Canada Corporation also renewed a substantial existing contract for a further three years last quarter.

The company is particularly focused on attracting and retaining tier one and two mining companies and its current clients have mining operations in fifty-four countries.

K2fly has tabled significant growth expectations for its platform that has to-date continued to attract the who’s who of the mining and exploration business. If the quality of its client list is any guide, those expectations just might come to fruition for K2fly too.

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