K2fly Ltd (ASX:K2F) has partnered with Perth-based Decipher, which offers a cloud monitoring platform, to create an integrated monitoring and governance platform for tailings storage facilities.
Tailings are the mineral waste remaining after the processing of ore to extract mineral concentrates and are typically stored within an engineered containment structure known as a tailings storage facility (TSF).
TSF failures, where there is an uncontrolled release of water, waste material or by-product, constitute a significant risk for industry, regulators and the environment.
Industry best practice and legislation requires that an independent technical review board (ITRB) be assigned for each TSF to ensure proper governance and compliance.
K2fly chief commercial officer Nic Pollock said the businesses had combined their complementary technology strengths to create a solution that would assist mining and resources companies to manage these risks.
He said: “Our proposed solution will ensure industry has access to a significantly better tool to aid monitoring and governance of TSFs to recognised standards.
“The solution reflects best practice and will support compliance with the Global Industry Standard on Tailings Management recently endorsed by the International Council on Mining and Metals (ICMM) and other Global Tailings Review convenors, as well as standards set by national regulatory bodies.”
Decipher chief executive officer Anthony Walker said tailings management was recognised as one of the top 10 risks in 2020 to the global mining industry in a recent report by KPMG.
He said: “The resources industry needs a solution that is cost-effective, comprehensive and accessible – and we can deliver on that.”
Decipher and K2fly have commenced discussions with several global miners about the proposed tailings management solution, which can also be deployed remotely during COVID-19.