After a detailed competition review, the Philippine Competition Commission (PCC) has cleared the acquisition of Copper Smelting Investments, Ltd. by Singapore-based Metanoia South Pte. Ltd., concluding that the transaction will not distort competition in the global doré market.

The antitrust body said Tuesday that the merger passed its Phase 1 review conducted by the Mergers and Acquisitions Office, which evaluated whether the transaction could substantially lessen competition in the market for doré—a semi-pure alloy of gold and silver used in refining.

“The Commission found that the transaction is unlikely to harm competition, citing customers’ strong buying power, strict quality standards, and the limited production capacity of the parties involved,” the PCC said.

The PCC also noted that the review involved consultations with the notifying parties, stakeholders, trade associations, and relevant sector regulators to assess potential market impacts.

“The Commission’s decision reflects the competitive dynamics of the global doré market. With no significant change in market power resulting from the transaction, the PCC’s clearance enables the parties to move forward while maintaining a level playing field for industry participants,” it added.

The clearance effectively allows Metanoia and Copper Smelting to proceed with their merger plans following the regulator’s finding that the deal would not adversely affect competition in the mining and refining value chain.

Metanoia is a newly incorporated entity registered in Singapore, while Copper Smelting is organized under the laws of the British Virgin Islands.