Provided are methods of preparing high density compacted components that increase that lubricity of metallurgical powder compositions while reducing the overall organic content of the compacted component. Method of preparing high density compacted components having a high density include the steps of providing a metallurgical powder composition having particles at least partially coated with a metal phosphate layer, and compacting the metallurgical powder composition in the die at a pressure of at least about 5 tsi. The metallurgical powder composition comprises a base-metal powder, optional alloying powders, and a particulate internal lubricant. The metal phosphate at least partially coats the base-metal powder, the optional alloying powder, or both. The metal phosphate coating increases the lubricity of metallurgical powders without the need for large quantities of organic material, e.g., lubricants and binders.