Toronto Stock Exchange Nov. 6-12

The bustling Nov 6-12 trading period generated plenty of buzz, starting with the TSX Composite Index, which plunged 4.7%, or 668.41 points, to 13,604.96. The TSX wasn’t alone — equity markets around the world retreated, with the movement blamed once again on the United States’ subprime mortgage loan debacle.

The Capped Metals and Mining Index tumbled 8% or 69.18 points to 795.05 while the Global Gold Index dropped 4.5% or 14.38 points to 305.66.

Meanwhile, the gold price reached US$841.75 per oz. during the period, but settled at US$803.50 per oz. — down US$1.25 overall.

Yamana Gold, which will soon close a takeover of Meridian Gold and Northern Orion Resources, was the most actively traded stock with 54.5 million shares changing hands, losing $1.55 to close at $12.25. A sharp increase in production turned Yamana into a profit-maker in the third quarter, earning US$30 million, or US8 per share, compared with a loss of US$12.1 million or US4 per share during the same period last year.

Katanga Mining shares saw the greatest increase overall, topping the value change and percentage change lists. The company announced a plan to join forces with London-listed Nikanor to become Africa’s biggest copper producer and the world’s biggest cobalt producer. The two companies have adjacent projects in the Democratic Republic of the Congo. Katanga shares jumped nearly 41%, or $4.77, to $16.52 on a trading volume of 10.7 million shares.

Mundoro Mining shares rose nearly 18% to 99 per share over the period, despite reporting a net loss of $890,000, or 2 per share, over the third quarter. Mundoro’s expenses included $245,000 toward the final feasibility study for its Maoling gold project in China, as well as exploration costs. The prefeasibility for Maoling outlined measured and indicated resources of 161 million tonnes grading 0.92 gram gold per tonne for 4.8 million oz. gold. The inferred resource was estimated at 63 million tonnes grading 0.8 gram gold for 1.6 million oz. gold.

Constellation Copper, which announced that it won’t file its third-quarter results until January, saw the biggest percentage loss for the week. The company’s shares fell 66% over the period to 11.5 apiece on a trading volume of 24.4 million. Constellation, which has been addressing repeated production shortfalls at its Lisbon Valley mine in Utah, says it’s evaluating strategic financing alternatives and ways to save cash.

Ontex Resources fell 36%, or 19, to $36.10 per share. The company announced a $4-million private placement to advance the Brookbank deposit in the Beardmore-Geraldton gold belt of Ontario.

Tahera Diamond fell 32% to 19 per share after poor third-quarter results. The company’s ongoing financial problems forced it to pay a $73-million asset impairment charge and take a $21-million writedown in exploration expenses. The diamond producer blamed its financial woes on operational issues at its Jericho mine, in Nunavut, the appreciation of the Canadian dollar and high oil costs.

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