The paper puts forward a mathematical model of dynamics of spatial large-scale motions in a rotating layer of electrically conducting incompressible perfect fluid of variable depth with due account of dissipative effects. The resulting boundary-value problem is reduced to a vector system of partial differential equations for any values of the Reynolds number. Theoretical analysis of the so-obtained analytical solution reveals the effect of the magnetic field diffusion on the stability of the wave mode — namely, with the removed external magnetic field, the diffusion of the magnetic field promotes its damping. Besides, a criterion of stability of a wave mode is obtained.