Environment and Natural Resources Secretary Michael T. Defensor said higher metal prices were also triggered by a flurry of expansions in the manufacturing sectors of several Asian countries.
Data for the Depatment of Environment and Natural Resources (DENR) show that the average price went up by 13 percent for gold, 36 percent for silver, 43 percent for nickel and 61 percent for copper.
"China alone, the biggest world consumer of metals during the year, used about 21 percent of the global copper production, while Japan increased its consumption of the red metal by 14 percent. Overall demand for metals is also expected to continue over the next five years," said Defensor.
Production of metallic minerals declined over the years due to successive closures and suspension of some mining projects.
One of the losers during the period was refractory chromite whose production dropped significantly from 13,219 dry metric tons (DMT) in 2003 to 8,097 DMT in 2004.
Defensor said two medium-scale chromite producers resumed production only this year after suspending their operations during the last three years, while the Teresa Gold Project (formerly Victoria II Gold Project) of Lepanto Consolidated Mining Corp. also started gold and silver production only in April 2004.
Other mining projects whose operations were suspended during the past two decades are: Sibutad and Bulawan gold projects of Philex Gold Philippines; Sipalay copper project of Maricalum Mining Corp.; Placer and gold projects of Manila Mining Corp.; Toledo copper project of Lepanto Consolidated Mining Development Corp.; and Dizon copper mine of Benguet Corp.