MetalCrawler scours the web for the latest metal news.
This Monday morning we have the latest on Canadian oil sands, a construction dispute over insurance and copper’s price recovering in London.
Layoffs Now Hitting Tar Sands Producers
1,000 Construction tradesmen were laid off over the weekend at Husky Energy’s Sunrise oil sands project in Fort McMurray, Canada. During the past 30 months, Saipem Canada had as many as 1,800 workers at Sunrise, but had been letting workers go as the project neared completion, the Vancouver Sun reported.
Subcontractor Insurance Lawsuit
New York City hired Triton Structural Concrete, a part of contractor T.B. Penick & Sons, to build and install most of 35 lifeguard and bathroom station modules at city beaches for $105 million.
Penick says its main subcontractor, modular builder Deluxe Building Systems, failed to perform. Penick terminated Deluxe in August and placed and finished the last of the modules with its own staff and other subcontractors. Penick believed it had insurance covering the costs of the default. When Omaha-based Arch Specialty Insurance Co., which had provided Penick a subcontractor default policy, requested much documentation and still refused to pay, the contractor filed a lawsuit in state court in San Diego, Penick’s base city. Engineering News-Record has more.
Copper Recovery Coming?
Copper edged higher on Monday on the London Metal Exchange, towards a 10-day top hit the session before, as a lull in the US dollar ahead of a monetary policy meeting by the Federal Reserve this week eased pressure on commodities.
After months of strong jobs data, expectations have been growing that the Fed will signal a June rate rise at a meeting that begins on Tuesday.