Australia's Babylon Pump & Power rises on services contract with Newmont

Shares of Australia's Babylon Pump & Power BPP.AX rise 12% to A$0.14, marking their biggest intraday pct gain since October 28

Stock hits highest level since December 11

Specialist resources services provider signs material contract with Newmont Mining Services for provision of pump hire and maintenance services

Under terms of deal, Babylon will supply dry hire pumping equipment and associated maintenance services to Newmont’s operations in Western Australia

Says contract expected to generate revenue of approximately A$3 million ($1.98 million) per annum

Stock down 7.1% YTD

($1 = 1.5142 Australian dollars)