Analysts predict unparalleled mining boom

Prior to the recession, mining was on a boom with exploration budgets reaching P246 million in 2008 and the Department of Geological Services struggling to process a monthly average of 100 new mining applications. Companies already on the ground were moving rapidly in areas such as copper, coal, nickel, gold, uranium, coal bed methane, silver, zinc and energy. 

But beginning in September last year, the recession lowered commodity prices, dried up credit lines and eroded many companies' operating capital, resulting in the downscaling and even suspension of several mining projects.