Tag Archives: RCubed

K2fly bolsters Resource Governance Platform with ESG, Maptek Vulcan credentials

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K2fly is adding to its Resource Governance Platform with an update that will address multiple resource governance use cases, such as tailings governance, heritage, ground disturbance and rehabilitation, plus integrate with the Maptek-owned Vulcan software.

The Resource Governance Platform is already used extensively for mineral resource and reserve reporting by public companies globally, with the RCubed software being the solution it is typically known for.

The new Mineral Resource Governance Platform, due to be released in December quarter of 2022, will replace Rcubed with K2fly Resource Reporting. It will provide existing and new customers with strengthened scale and improved workflow capabilities, supported by new additional complementary modules, K2fly Model Manager and K2fly Mine Reconciliation. These solutions are the world’s first and only Commercial off-the-Shelf (COTS) comprehensive resource reporting solution used for public disclosures, according to K2fly. The new solution will be available for customers to upgrade to during the 2023 financial year.

The platform will also be a cloud-first solution, which leverages the experience gained across K2fly’s extensive Tier 1 and Tier 2 global customer base, the company says.

The core of K2fly’s Mineral Resource Governance solution area allows companies to confidently report and disclose mineral resource and reserve (MRR) data that is compliant with the codes and regulations of the jurisdictions in which they operate and the stock exchanges they are listed on.

Benefits of K2fly Resource Reporting are strengthening of governance outcomes for clients by reducing errors and person-dependency risk within an organisation, generating an audit trail and significantly improved workflows creating ease to capture raw data, capability to track data ownership and accurately adhere to reporting requirements.

New features will include performance improvements and a new data model, making it easier to access more data and address more industry use cases. There are additional improvements to the system and reporting and analytics functions. The solution will include interactive reporting, new workflows and simplified configuration, the company added.

The K2fly Model Manager, meanwhile, will provide a ’big data’ governance solution that allows block models, solids, surfaces and other spatial data to be managed in a centralised repository and provides access control and auditing on all data, according to the company. Model Manager extends the K2fly Resource Reporting solution to reduce the length of the reporting cycle and provide complete traceability from the reporting estimates back to the block models that the resource and reserve information was sourced from, according to K2fly.

K2fly and Maptek are working together to connect Vulcan (supplying modelling input data) and the resource reporting solution. As such, data generated in Maptek Vulcan, an advanced 3D geological modelling, mine design and production planning software solution, can be seamlessly uploaded to K2fly’s solutions. This avoids the need to manually handle text files and strengthens the governance from Vulcan geological block models to the reporting process in K2fly Resource Reporting. Vulcan will be integrated with K2fly Resource Reporting in the December quarter of 2022.

Vulcan 3D geological modelling and mine design software now has more than 22,000 users worldwide. It is supported by specialist tools for visualising, validating, and modelling data to enable analysis and support decisions.

Maptek announced a strategic investment in K2fly back in April, with Maptek Chairman, Peter Johnson, joining the K2fly board as a Non-Executive Director in the process.

Peter Johnson, Chairman of Maptek, said: “Collaboration between Maptek and K2fly is an obvious way for both companies to leverage the technology available to them now to better deliver value to our customers. We share a very high proportion of customers in common and so any enhancements we can enable to the workflows and capabilities between the respective product sets will impact many users positively. In the current environment where miners are facing a shortage of skills, experience, and people in general, as well as increased regulation and scrutiny around governance, one of the most important things a technology developer can do is to help make the work easier, more efficient and more reliable. The integration collaboration with Maptek and K2fly’s new Resource Governance solutions platform are both contributing to these outcomes.”

Nic Pollock, CEO of K2fly, said: “Our product and engineering teams have been very busy these last 12 months liaising with our customers and redesigning the solution ground up as a cloud first service to provide more scale and more use case alternatives so customers can leverage the organisational structures and governance capabilities at the heart of the system. The new version will be faster and easier to implement for smaller clients as well.

“We are also proud to launch Model Manager in conjunction with the new Resource Reporting Solution which was integral in the acquisition of Sateva in 2020. The new releases and integration of these products to form the world’s only COTS solution takes K2fly further ahead and increases our moat in the Mineral Resource Governance space.”

Newmont to continue use of K2fly’s RCubed Resource Governance Solution

Environmental, Mineral exploration, Mining services, Mining software, Precious metals, , , ,

K2fly Ltd has announced that Newmont has signed a five-year extension to its existing contract for K2fly’s Resource Governance Software as a Service (SaaS) solution.

The extension agreement has a total contract value (TCV) of A$1.3 million ($951,289) and builds on the initial three-year agreement signed in March 2020, which came with a TCV of A$900,000. The agreement will extend the contract period to March 2028.

Newmont will continue to use K2fly’s RCubed Resource Governance Solution across 12 operating mines as well as joint ventures and projects across global operations as part of the agreement, K2fly says.

RCubed software, K2fly says, generates resource and reserve reports that support reporting codes such as JORC, NI-43-101 and SAMREC across the major stock exchanges – including NYSE, LSE, TSX, ASX and JSE. It assists mining and resource companies in complying with their regulatory reporting obligations.

Nic Pollock, Chief Executive Officer of K2fly, said: “This extension of our original agreement from March 2020 with the world’s leading gold company reaffirms the importance of K2fly’s solutions in helping large resources organisations with their ESG reporting and aligns with Newmont’s purpose to create value and improve lives through sustainable and responsible mining.”

K2fly gets to work on RCubed mineral inventory reporting solution for South32

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K2fly has signed up diversified mining and metals company, South32, to use its resource governance solution, RCubed.

South32 is expected to use the platform for its mineral inventory reporting for five years, with the total contract value more than A$880,000 ($608,419), K2fly said.

The full implementation is to commence immediately and will cover 19 global operations, the company added.

Nic Pollock, K2fly’s Chief Commercial Officer, said: “It is a great honour to be working with South32. This adds to our growing list of diversified customers like Rio Tinto, Teck Resources and Nexa Resources.”

The company says its total contract value has growth 45% this quarter and is now over A$6.9 million, compared with the end of the March quarter.

K2Fly wins RCubed contract extension with AngloGold Ashanti

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K2fly is to keep running the reserve and resource numbers for AngloGold Ashanti after the Johannesburg-based gold miner signed up for another three years of the RCubed Resource Governance solution.

AGA, the third largest gold mining company in the world measured by production, was pivotal in the development of RCubed, according to K2Fly, with the gold miner’s New York listing being the inspiration behind the product.

Nic Pollock, K2fly Chief Commercial Officer, said: “AngloGold Ashanti was instrumental in the creation of the RCubed solution and is one of the few global mining companies that delivers a dedicated mineral resources and ore reserves report. The report is created entirely from within the RCubed Resource Governance solution, from data collection through to publishing ensuring full resource governance, security and the integrity of the data.”

RCubed software, K2fly says, generates resource and reserve reports that support reporting codes such as JORC, NI-43-101 and SAMREC across the major stock exchanges – including NYSE, LSE, TSX, ASX and JSE. It assists mining and resource companies in complying with their regulatory reporting obligations, according to the company.

The gold sector is performing extremely well for K2fly and RCubed sales with four of the top 10 global gold mining companies now using or implementing RCubed to report their resources and ore reserves, the company said. Only last week, the company signed up Newmont as a new RCubed customer.

K2fly’s total contract value for its own software solutions (RCubed and Infoscope) has risen by a further 41% in the March quarter to more than A$4.7 million as the contract terms extend, the company said. “This trend is expected to continue with further multi-year contractual negotiations in the pipeline.”

K2fly to run the resource, reserve numbers for Newmont

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K2fly Limited says it has been awarded a contract from Newmont to commence work on implementation of the RCubed Resource Governance solution for its global operations.

This will see the solution capture and prepare resources and reserves data to report from all 12 operating mines as well as joint ventures and projects across global operations to the NYSE, TSX and investors, according to K2fly.

The initial contract term is three years, which amounts to a total contract value in excess of A$900,000 ($580,908), the company said.

Nic Pollock, K2fly Chief Commercial Officer, said: “We are so proud to have Newmont as a customer as clearly they are the biggest gold miner in the world. However, we also share the same values on social and corporate responsibility.

“Our gold resource reporting template is increasingly becoming the industry standard, and we can now proudly lay claim to our RCubed Resource Governance solution being used by four of the top 10 gold miners globally: Newmont, Anglo Gold Ashanti, Newcrest and Gold Fields.”

RCubed software, K2fly says, generates resource and reserve reports that support reporting codes such as JORC, NI-43-101 and SAMREC across the major stock exchanges – including NYSE, LSE, TSX, ASX and JSE. It assists mining and resource companies in complying with their regulatory reporting obligations, according to the company.

Reporting on the ASX-listed company’s attendance at the recent PDAC 2020 conference in Toronto, Canada, meanwhile, K2fly said its presence at the event generated interest from a number of entities in the resources sector and proposal requests from a further three “leading gold mining companies”.

Rio Tinto looks to K2fly’s RCubed solution for resource governance

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K2fly says it has signed a contract with Rio Tinto that will see the mining major implement the RCubed Mineral Resource and Reserve solution across 20 sites globally.

Implementation will commence immediately, with the total contract value, including initial implementation costs, estimated to be A$1.45 million ($985,675).

The RCubed solution will replace an inhouse system and will assist Rio Tinto in providing mineral resources and ore reserves reporting and governance for its shareholders and regulators, according to K2fly.

RCubed software, K2fly says, generates resource and reserve reports that support reporting codes such as JORC, NI-43-101 and SAMREC across the major stock exchanges – including NYSE, LSE, TSX, ASX and JSE. It assists mining and resource companies in complying with their regulatory reporting obligations.

Nic Pollock, K2fly Chief Commercial Officer, said: “Rio Tinto’s signing represents a significant milestone for K2fly and is further recognition from a Tier 1 miner that our RCubed solution represents the most compelling offering in resource governance solutions. We are extremely proud to be working with such an industry leader.”

K2fly’s RCubed hits new heights with Newcrest Mining SaaS agreement

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K2fly says it has signed an agreement with Newcrest Mining to implement its RCubed resource governance software as a service (SaaS) solution.

The agreement covers the rollout of the RCubed software solution across the reporting lines of Newcrest for its resources and reserves in its global gold operations across seven sites in Australia, Indonesia and Papua New Guinea.

The deal follows closely on the heels of K2fly signing a similar SaaS pact with Glencore Canada. It is also less than six months since K2fly acquired the RCubed software through the acquisition of Prodmark Pty Ltd.

RCubed software generates resource and reserve reports that support reporting codes such as JORC, NI-43-101 and SAMREC across the major stock exchanges – including NYSE, LSE, TSX, ASX and JSE. It assists mining and resource companies in complying with their regulatory reporting obligations.

This is a three-year SaaS based software contract and, with implementation costs, is worth more than A$150,000 ($100,145) in the first year, according to K2fly. Implementation is to commence immediately, and there will be recurring revenues on an annual basis. The initial total contract value is over A$330,000, K2fly said.

As with all RCubed implementations, each operation and all relevant data is captured at a base level and involves comprehensive governance data capture and reporting, the company said.

Nic Pollock, K2fly Chief Commercial Officer, said: “Newcrest is the largest gold producer listed on the ASX and a top 10 global producer and adds to the growing momentum we are seeing within the mining industry and its acceptance of RCubed as a resource governance reporting solution.”