- Software developer K2fly (K2F) has landed a half-million-dollar deal with gold mining giant Gold Fields
- The South Africa-based miner will pay $580,000 for a five-year contract to make use of K2fly's RCube product
- RCubed is designed to make mandatory mineral resource reporting easier for ASX-listed miners
- Gold Fields' Australian subsidiary will use the RCubed product on a software-as-a-service basis
- On the back of today's news, K2fly shares are trading 10 per cent higher at 27 cents each
Software developer K2fly (K2F) has landed a half-million-dollar contract with one of the top ten biggest gold miners on the globe.
South Africa-based Gold Fields has signed up for K2fly's RCubed resource reporting software in a five-year, $580,000 deal.
Gold Fields' Australian subsidiary will make use of RCubed on a software-as-a-service (SaaS) basis. Essentially, this means through a single recurring subscription Gold Fields will be able to use the software across all of its operations through the internet. This eliminates the need for multiple purchases and physical installations.
RCubed is designed to make mandatory resource reporting for Australian listed companies easier. Through the cloud-based software, companies can make quicker and more accurate reports to comply with local JORC codes and other Mineral Resource and Reserve Governance compliance.
While the $580,000 total contract value over a five year period may not be a huge influx of cash for K2fly, Chief Commercial Officer Nic Pollock said a customer of Gold Fields' calibre is strong validation for the company's product.
"Gold Fields is a globally recognised gold mining brand," Nic said.
"They are also world-renowned amongst peers for the quality of their mineral resource and reserve reporting. For them to join the growing list of customers taking up the RCubed Resource Governance solution is a real validation of the importance of this solution to all miners," he said.
Gold Fields is listed on both the Johannesburg Stock Exchange and the New York Stock Exchange and produced roughly 2.2 million ounces of gold-equivalent per year. The company has a R75.9 billion ($7.7 billion) market cap.
The gold mining giant operates mines in Australia, Chile, Ghana, Peru, and South Africa.
On the back of today's news, K2fly shares are trading 10 per cent higher. In mid-afternoon trade, shares in K2F are selling for 27 cents each.