K2fly gains new substantial holder in Tribeca Investment Partners

K2fly Ltd (ASX:K2F) has gained a new substantial holder in Sydney-based Tribeca Investment Partners Pty Ltd.

Following a series of on-market purchases in May and participating in the company’s placement in April, Tribeca now holds more than 7.62 million shares for a 5.56% stake.

There were 6.8 million shares purchased in the placement with a total value of A$1.972 million while Tribeca made eight separate on-market purchases last month.

Five year contract with Roy Hill 

K2fly secured the first contract for its full Mining Technical Assurance suite from Roy Hill in May since acquiring the full suite of SATEVA applications in the December quarter of 2020.

The five-year contract with Roy Hill, a world-class iron ore operation and the largest single ore mine in Australia, has a total contract value (TCV) of A$2.44 million.

Roy Hill ships more than 60 million tonnes per annum of iron ore, with approval to move to 70 million tonnes per annum, and among the many benefits in adopting this suite of products will be an improvement in critical mine geology processes through automation – resulting in improved short-term scheduling and excavation of the ore body.

In large-scale open-pit mines, such as Roy Hill, small improvements in grade recovery or excavation efficiency deliver significant additional value to the operator.

Story by ProactiveInvestors