Advancing the environmental and social governance capabilities of their resources reporting software, K2fly (ASX: K2F) has partnered with Decipher to develop new management systems for storage of tailings – the mining waste leftover once mineral concentrates have been extracted from ore.
Identified by KPMG as one of the top 10 risks in 2020 to the global mining industry, tailings storage facilities (TSF) can cause significant damage to the environment from uncontrolled water release, their waste minerals and by-products. Subsequently, there is increasing attention given to industry best practice which requires an Independent Technical Review Board to be assigned to TSFs to ensure they meet regulatory standards.
“Our proposed solution will ensure industry has access to a significantly better tool to aid monitoring and governance of TSFs to recognised standards,” said K2fly Chief Commercial Officer, Nic Pollock.
“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 (ICMM) and other Global Tailings Review convenors, as well as standards set by national regulatory bodies.”
The new partners have already commenced discussion with various global miners about their proposed management solutions which can be deployed remotely.
The addition of TSF management will notably expand K2fly’s existing software solutions for the resources sector which include mineral resources and natural resources reporting software.
Specific to the mining, major stock exchanges have different reporting codes, such as JORC and SAMREC, which are all supported by K2fly’s RCubed platform.
Using a SaaS revenue model K2Fly has recently secured a 5-year deal with South32 (ASX: S32) valued at more than $800k, joining a string of new clients signed through FY20.
K2fly anticipates reporting Q420 will be their first cash flow positive quarter with FY20 sales invoices totaling $6.62 million.