Lundin Mining class action allowed to proceed

Executive Summary

• Lundin Mining Corp. received a ruling from the Supreme Court of Canada upholding a 2023 Ontario Court of Appeal decision, allowing a proposed securities class action to proceed.
• The class action relates to the timing of disclosure regarding a 2017 pit wall instability and rockslide at the Candelaria mine in Chile.
• The case will now proceed before the Ontario Superior Court of Justice, though no decision has been made on the merits of the case; the company intends to vigorously defend the action.

Key Details

• Legal Ruling: The Supreme Court of Canada upheld the lower court's decision, permitting the securities class action to move forward.
• Subject Matter: The lawsuit alleges that Lundin Mining failed to disclose material information regarding a pit wall instability and rockslide at the Candelaria mine in Chile in a timely manner.
• Timeline of Events:
  • Nov. 29, 2017: Lundin disclosed the pit wall instability and rockslide in its normal course operational update.
  • 2023: Ontario Court of Appeal ruled in favor of allowing the action to commence.
  • Current: Supreme Court of Canada ruling confirms the right to proceed.
• Legal Basis: The decision centered on the distinction between a "material fact" and a "material change" under the Ontario Securities Act.
• Company Stance: Lundin Mining states there has been no decision on the merits of the case and intends to vigorously defend the action.

Notable Quotes

• "There has been no decision on the merits of the case, and the company intends to vigorously defend the action."