Cyient gains after signing MoU with Australian firm

Cyient rose 2.26% to Rs 545.9 after the IT company announced that it signed a pact with Perth-based Decipher to support the global rollout of key cloud mining platform.

Decipher provides a cloud monitoring and governance platform for tailing storage facilities. As per the MoU, Cyient will support Decipher with the global rollout of their cloud mining platform for tailings and rehabilitation monitoring.

Tailings are the mineral waste remaining after ore processing to extract mineral concentrates and are typically stored within an engineered containment structure known as a tailing storage facility (TSF). There are an estimated 3,500 active TSFs globally, covering approximately one million hectares of land, and many more defunct or abandoned. Tailing storage facility failures that cause an uncontrolled release of water, waste material, or by-product constitute a significant environmental risk. With a cloud mining platform, mining companies will be able to replace manual processes and soiled data with a more robust and secure cloud platform.

Cyient and their subsidiary, IG Partners, will be playing a significant role in selling, implementing, and supporting the solution as we advance.

Commenting on the development, Herman Kleynhans, sector head for mining, Cyient said, "Decipher's end-to-end solution and deep understanding of TSF monitoring and governance, combined with Cyient's technical depth and global reach, will bring immense value to our mining customers. This partnership will also allow us to make a positive environmental and safety impact on communities engaged in mining operations around the world."

Cyient is a global engineering and digital technology solutions company. Its consolidated net profit rose 3.07% to Rs 83.90 crore on 1.16% increase in revenue from operations to Rs 1,003.30 crore in Q2 September 2020 (Q2FY21) over Q1 June 2020 (Q1FY21).

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