I. Introduction
What counts as a "material change" in a company's "business, operations, or capital" and when must it be disclosed? The answer isn't always clear, and that very question lies at the heart of Lundin Mining, a case that was dismissed, appealed, and went before the Supreme Court of Canada (the "SCC") on January 15, 2025. The anticipated decision, which has yet to be released, could result in a material change to disclosure obligations of public companies.
II. Background
Lundin Mining centers on allegations that Lundin Mining Corporation ("Lundin") failed to promptly disclose significant operational issues at its mine in Chile; namely, a pit wall instability, which arises when the sides of an open pit mine become weak or start to move, and frequently results in a rockslide.