The lawsuit between International Corona Resources and Lac Minerals has developed into much more than a dispute within the mining industry. The case is now going before the Supreme Court of Canada and the result could be a decision that will further define the nature of a fiduciary relationship — positions of trust — for industry and commerce throughout Canada.
For shareholders of Lac, it’s their last chance to hold on to the rich Hemlo gold mine their company built. For shareholders of Corona it’s the last hurdle to becoming a truly significant gold mining company. For the mining industry that looks on, it is a frustrating delay in finding out how inter-company relationships should be conducted.
We had hoped that this lawsuit would have ended sooner, not because we favor one side over the other but because of the uncertainty that hangs over two important mining companies, their employees, their shareholders and the mining sector.
However, now that the Supreme Court Justices have decided to hear Lac’s appeal we support their intention to give it their full consideration. It is difficult for those directly involved to wait perhaps two more years, but the implications of this decision could be so far-reaching that a 2-year wait will seem little more than a momentary delay.
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