Newmont has renewed its ties with software company K2fly, enabling the latter to continue providing its resource governance solution to the gold miner for a further five years.
The $1.3 million contract extension agreement builds on the initial three-year agreement the two signed in March 2020, which had a total contract value of over $900,000 at the time.
K2fly will now be aligned with Newmont until March 2028.
Engaging K2fly’s cloud-based platform, RCubed, has allowed Newmont to capture and report resource and reserve data from its 12 gold mines and global projects.
Chief executive officer of K2fly Nic Pollock said the contract extension is validation for his company’s important work.
“We are delighted to extend our existing relationship with Newmont until March 2028,” he said.
“This extension … with the world’s leading gold company, reaffirms the importance of K2fly’s solutions in helping large resources organisations with their environmental, social and governance (ESG) reporting, and aligns with Newmont’s purpose to create value and improve lives through sustainable and responsible mining.”
K2fly has established a reputation for being a reliable provider of ‘net positive impact’ solutions in ESG compliance and technical assurance, allowing mining and other asset-intensive industries to continue operating above board.
This work has seen K2fly secure contracts with the likes of Fortescue Metals Group, Glencore, AngloGold, BHP, Alcoa, Evolution Mining and Roy Hill.
The company has formed an important part of the mining industry’s push to better tailings management, which saw the sector form its Global Industry Standard on Tailings Management (GISTM) in August 2020.
In February, K2fly acquired Decipher’s mining business to strengthen its suite of solutions.
Decipher offers cloud-based software-as-a-service (SaaS) monitoring and compliance solutions for tailings management and rehabilitation.