K2fly Limited says ArcelorMittal Mining UK has selected K2fly’s Resource Disclosure and Model Manager solutions, within its Mineral Resource Governance solution area, to support the wider ArcelorMittal group’s reporting obligations as a publicly listed company reporting under US SEC S-K 1300 guidelines.
The five-year agreement with K2fly will generate a total contract value of A$1.9 million ($1.3 million) and represents the first joint sale of K2fly’s Resource Disclosure solution coupled with Model Manager.
Resource Disclosure enables clients to capture the raw resource and reserve data and report to multiple stock exchanges to remain compliant, while Model Manager helps improve governance over resource and reserve data, including meshes, wireframes, triangulations and models, according to K2fly.
The two solutions are set to be used across all 10 mining regions within the ArcelorMittal group, including in Canada, Africa and elsewhere.
Nic Pollock, CEO of K2fly, said: “We are delighted to be able to announce our first contract with ArcelorMittal (Mining UK). We are also thrilled that this is the first joint sale of our K2fly Resource Disclosure Solution coupled with Model Manager. This realises the vision driving the acquisition of Sateva which brought us Model Manager, a very natural fit with our Resource Reporting solution.
“This combination offers our customers a deeper governance and transparency solution and efficiencies around block model management on an enterprise-wide basis. This combination is one of the holy grails of the mining industry, linking the model management and resource disclosure systems.”
In addition to the ArcelorMittal contract win, K2fly recently reported that Mineral Resources Ltd had signed up to use Model Manager and Ore Blocker – a technical assurance module – as part of a three-year contract. This will see the solutions used across MinRes’ iron ore and lithium operations across Australia.