Wednesday, 26 February 2020
K2Fly Ltd (ASX:K2F) has announced both Vale SA (NYSE:VALE) and South32 Ltd (ASX:S32) have signed initial purchase orders to immediately commence work on proof of concept designs for the RCubed resource governance solution. Vale is one of the world’s biggest mining companies and the world’s largest producer of iron ore and nickel. The mining giant also produces manganese ore, ferro-alloys, metallurgical and thermal coal, copper, platinum group metals, gold, silver and cobalt. South32 is a global diversified mining and metals company that produces bauxite, alumina, aluminium, energy and metallurgical coal, manganese, nickel, silver, lead and zinc at its operations in Australia, Southern Africa and South America. Interest from major miners While the initial purchase order amounts are not material, the request for proof of concept designs by South32 and Vale demonstrates the continued interest by major mining entities and the need for a software solution to support mining entities’ mineral resource and reserve reporting. The RCubed resource governance software successfully provides the solution to this problem. K2Fly expects the high level of interest from NYSE listed companies to continue as US Securities and Exchange Commission regulation changes to come into effect in 2021.