PRESS RELEASE
14 October 2025

Acquisition of mining-linked firm receives PCC approval

The Philippine Competition Commission (PCC) has approved the transaction between Metanoia South Pte. Ltd. (Metanoia) and Copper Smelting Investments, Ltd. (Copper Smelting), after finalizing its review of the transaction on September 4, 2025.

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

Following a Phase 1 review, an initial 30-day evaluation to determine whether a merger or acquisition may substantially lessen competition, the PCC Mergers and Acquisitions Office assessed the transaction’s impact on the global supply of doré, a semi-pure alloy of gold and silver used in refining.

The review included consultations with the Notifying Parties, stakeholders, trade associations, and relevant sector regulators.

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 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.

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REFERENCE:  
publicaffairs@phcc.gov.ph  
Public Affairs and Research Division
Communications and Knowledge Management Office
Philippine Competition Commission