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Lawsuit seeks C$175M in damages from Lundin Mining over Candelaria landslide

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Lawsuit seeks C$175M in damages from Lundin Mining over Candelaria landslide

Strosberg Sasso Sutts LLP and Groia & Co. Professional Corp. filed a proposed class action lawsuit against Lundin Mining Corp. and some of its officers and directors in the Ontario Superior Court of Justice.

The legal action seeks C$175 million in damages for negligent misrepresentation and liability for secondary market disclosure pursuant to Ontario's Securities Act.

The lawsuit alleges that the defendants failed to disclose the instability, evacuation and subsequent rock slide at the company's Candelaria copper mine in Chile.

The company in a Nov. 29 release said that it reduced Candelaria's attributable copper production guidance by 20% to between 104,000 and 109,000 tonnes in 2018 due to an Oct. 31 landslide incident at the mine.

Following the release of this information, the price of Lundin securities dropped significantly, causing substantial damage to holders of the securities, the complaint alleges.

The legal action has been filed on behalf of the purchasers of the company securities for the period between Oct. 25 and Nov. 29.