K2fly Ltd (ASX:K2F) has secured the first contract for its full Mining Technical Assurance suite from Roy Hill since acquiring the full suite of SATEVA applications in the December quarter of 2020.
The five-year contract with Roy Hill, a world-class iron ore operation and the largest single ore mine in Australia, has a total contract value (TCV) of A$2.44 million.
Roy Hill ships more than 60 million tonnes per annum of iron ore, with approval to move to 70 million tonnes per annum, and among the many benefits in adopting this suite of products will be an improvement in critical mine geology processes through automation - resulting in improved short-term scheduling and excavation of the ore body.
In large-scale open pit mines, such as Roy Hill, small improvements in grade recovery or excavation efficiency deliver significant additional value to the operator.
“Delighted to expand relationship”
Demand continues to grow for K2fly Mining Technical Assurance suite across tier 1 miners globally, with the company’s ARR (annual recurring revenue) growing 9% in the quarter to date to $3.3 million per annum.
K2fly chief executive officer Brian Miller said: “We are delighted to expand our relationship with Roy Hill across the Technical Assurance suite and are very excited by the opportunities for both companies that will come from this contract and further solution collaborations.
“Roy Hill and its management have been a great partner to SATEVA and now K2fly.”
First contract of full suite of products
The contract marks two major milestones for K2fly:
- The first contract of the full suite of SATEVA products including Model Management, Automated-ore-blocking and mine-geology-data-management that work together to deliver enhanced assurance and improved recoveries for large open pit mines; and
- An expansion in the company’s relationship with Roy Hill who have actively collaborated with SATEVA previously and K2fly since the acquisition on this solution development and will continue to expand the partnership and collaboration into the future.