Global copper major Freeport-McMoRan will deploy ASX-listed K2fly’s mineral resource governance cloud-based reporting software at its 12 operating sites under a three-year contract worth about US$0.5 million.
US-based Freeport is said to be the 16th miner to buy K2fly’s RCubed resource governance product since K2fly acquired the developer in 2019. The enterprise software company also added community, heritage and land access (Infoscope), mining technical assurance (Sateva), and tailings management (Decipher) ESG products via M&A between 2017 and early 2021.
Freeport joins other mining giants such as Rio Tinto, Newmont, Glencore and Fortescue Metals Group, as well as a host of mid-tier companies, that have adopted one or more K2fly products.
K2fly, which reported $4.5 million revenues for the six months to the end of 2021, is aiming to expand the use of its products by new and existing tier one and tier two clients. Rio Tinto, for example, is now using five of K2fly’s nine products.
It said the Freeport contract had a total value of A$768,000. “Multiple other” New York Stock Exchange-listed miners companies were looking to address new SEC S-K 1300 reporting requirements and K2fly’s RCubed is one way they can do it.
CEO Nic Pollock said the company was the only provider of a commercial off-the-shelf (COTS) mineral resource governance product.
“As regulations continue to change, particularly as pertains to environmental, social and governance reporting and disclosures, K2fly continues to see significant opportunity across the mining industry [for] delivering this and other solutions to many tier 1 and tier 2 clients across all mineral types and supporting multiple exchanges and reporting codes,” Pollock said.
Freeport’s operations are spread across North America, South America and Indonesia.