Skyrocketing rice prices another hardship for Myanmar citizens

The price of rice, a food staple in Southeast Asia, and other commodities has shot up as much as 50 percent over the last two months in Myanmar, another hardship for the country’s beleaguered citizens, many of whom have already had to flee their homes because of ongoing conflict, traders and consumers said.

The average cost of basic food on average in Myanmar has risen by 35% in the past year, according to recent data compiled by the World Food Program.

A 24-pyi (4.7-pound) bag of Shwebo Pawsan rice, considered locally to be the best quality rice, has gone up even more. A bag that sold for 66,000 kyats (U.S. $31) on July 1 now sells for 90,000 kyats (U.S. $42). In Yangon, traders said the price can spike to 100,000 kyats (U.S. $47) in retail markets.

Prior to the Feb. 1, 2021, military coup that sparked the conflict, the price of a 24-pyi sack of the rice was 52,000 kyats (U.S. $25).

The inflation has hit hard low-income people who now have difficulty affording even lower quality rice and are dealing with a shortage of jobs since the democratically elected government was ousted, sources said. Low-quality rice that used to cost 25,000 kyats (U.S. $12) is now selling for 45,000 kyats (U.S. $21), said a low-income Yangon resident.

“Right now, it’s very hard for manual laborers to earn money,” he said. “Manual laborers need to get money first to have their meals, and then they can buy rice in the evening after work.”

The price increases have made lives even harder for the 1.2 million internally displaced persons (IDPs) who have fled their homes due to the fighting, aid workers said.

Most IDPs are living in areas where transportation is difficult. Meanwhile, military checkpoints have restricted the movement of food along major routes, pushing up the cost of supplies, they said.

A member of the Mindat township IDP Camps Management Committee in western Myanmar’s Chin state, where fighting between military forces and opposition groups has been intense, said the cost of transporting goods is double what it is in other areas and rice has to be smuggled in.

“In faraway places, the price reached almost 100,000 kyats when the cost of transportation, which is about 50,000 kyats, was added to the original price,” said the aid workers, who declined to be identified out of fear for his safety.

“We haven’t had any donations for the IDPs for the last two months, so we can’t buy rice anymore,” he said. “We won’t have supplies for distribution for the rest of August or for September and October.”

Ye Min Aung, chairman of the Myanmar Rice Federation, blamed the rising prices on COVID-19 virus outbreaks, the country’s political instability and the high costs of production.

“COVID-19 issues, political issues and internal instability in central parts of Myanmar along with the rising costs of fertilizer and fuel in international markets are to blame,” he said.

“Fertilizer prices have tripled,” he said. “Farmers have to use fertilizers and fuel and so their production costs have also risen. Moreover, rice mills have had to install generators due to the decrease in the electric power supply, resulting in an increase in production costs.”

Buckets of rice are seen at a rice shop in Yangon, Myanmar, April 12, 2022. Credit: RFA
Buckets of rice are seen at a rice shop in Yangon, Myanmar, April 12, 2022. Credit: RFA

‘Fleeing for our lives’

Shwebo Pawson, the most expensive and popular rice in Myanmar, is usually grown in Shwebo, Kantbalu, Khin U, Ye U and Taze townships in northwestern Myanmar’s Sagaing region, where the fighting between military and opposition forces has been particularly intense.

In an effort to clear the area, government troops have burned dozens of homes and other structures in recent weeks. Some farmers have been unable to plant rice or other crops this year, while others cannot properly care for their cultivated fields, said residents of the townships.

A farmer in Shwebo township said he and other residents have not been able to work because they have been forced to run from Myanmar soldiers.

“We have been fleeing for our lives to safety because of the military attacks, and many of the fields have been left unattended,” said the farmer who did not provide his name because of safety reasons.

In the Ayeyarwady region, Myanmar’s rice bowl, farmers have been grappling with a drought amid what is supposed to be the rainy season. They say they are unable to make capital inputs and have had to cultivate fewer acres because of high production costs.

Myanmar has more than 17 million acres of rice paddies in production, but the country’s agricultural targets have not yet been met, military junta leader Sr. Gen. Min Aung Hlaing said in the capital Naypyidaw on Aug. 8.

He warned that officials may need to adjust how much rice is exported and how much is set aside for domestic consumption. But Myanmar still plans to export rice and green beans, he said.

An economist, who declined to be named so as to speak freely, said that statement may mean the junta could seize rice stocks to generate revenue, further pushing up the price.

“They themselves have announced that they are going to export rice and green beans,” he said. “If they do that, they will look for rice in any way they can get and will hoard it.”

With the current shortage of hard currency in Myanmar, the junta appears to be eyeing up rice exports to get badly needed U.S. dollars, the economist said.

“They seem to be planning to get dollars directly into their hands from exports,” he said. “The more they do that, the more the prices of commodities will rise, especially that of rice. Besides, traders will find it difficult to buy [rice] and will keep what they have, so that prices will rise even more.”

Translated by Khin Maung Nyane for RFA Burmese. Written in English by Roseanne Gerin.

Aung San Suu Kyi sentenced to 6 more years in prison

A Myanmar military court on Monday sentenced former national leader Aung San Suu Kyi to six years in prison following her conviction on corruption charges that critics say are without merit.

Suu Kyi, 77, now faces a total of 17 years in prison, with today’s 6-year term added to an 11 years already imposed following trials in other cases brought by Myanmar’s military leaders, who overthrew her democratically elected civilian government in a Feb. 1, 2021 coup.

The three cases heard on Monday were tied to the acquisition of land in the capital Naypyidaw by the Daw Khin Kyi Foundation, which was named after Aung San Suu Kyi’s late mother, and to the construction of a building on that land and of foundation headquarters in Yangon.

Naypyidaw Mayor Myo Aung, Deputy Mayor Ye Min Oo, and Naypyidaw Municipal Committee Member Min Oo, who were also charged in the cases, were each given 2-year terms.

The sentences imposed by a prison court in Naypyidaw were themselves unlawful, however, as Myanmar’s now-ruling military had seized power illegally, Bo Bo Oo—a former Yangon lawmaker for the National League for Democracy — told RFA on Monday.

“This case has been all wrong right from the start,” said the former parliamentarian, whose party’s government was overthrown by Myanmar’s military last year.

“To begin with, the military coup was carried out in violation of the law, so it’s silly for them to say that they are now on the side of the law. I don’t recognize their authority,” he said.

Calls seeking comment from junta spokesman Maj. Gen. Zaw Min Tun received no response, but a veteran legal expert told RFA that Aung San Suu Kyi should not have been prosecuted on corruption charges for a project done for the country’s benefit.

Junta allegations that national funds had been lost by the land’s sale at a low price should not have been filed, RFA’s source said, speaking on condition of anonymity for security reasons.

“When action is taken against nationally beneficial projects like the La Yaung Taw project just because they are connected to Aung San Suu Kyi, this will cause other projects to be stopped that could be helpful to citizens in the future,” he said.

“This is just another example of how the junta deals with political problems in Myanmar not by using political means but through hatred and animosity,” agreed Arakan National Party chairman Tha Tun Hla.

“People who are tied to political cases should not be punished and imprisoned,” he added.

Aung San Suu Kyi now faces charges in 9 more cases, including a case brought under Section 3(1)[c] of the Official Secrets Act, that also carry long prison terms, sources say.

‘Methodical assault on human rights’

Also speaking to RFA, Myanmar political observer Than Soe Naing said that by arresting and jailing Aung San Suu Kyi, Myanmar’s military is carrying out its goal of removing her entirely from the country’s political life.

“However, history will show that Daw Aung San Suu Kyi has never bribed anyone or committed financial fraud. Her virtue, integrity and dignity can never be damaged, even a little,” he said.

Elaine Pearson, acting Asia director at Human Rights Watch, said on Monday that the Myanmar military junta’s conviction and sentencing of Aung San Suu Kyi is “part of its methodical assault on human rights around the country.

“The junta’s fabricated trials, torture of detainees, and execution of activists highlights its broader disregard for the lives of Myanmar’s people.

“The United Nations, Association of Southeast Asian Nations (ASEAN), European Union, United States, and other concerned governments should press for the release of Aung San Suu Kyi and all those wrongfully imprisoned,” Pearson said.

“This verdict should push them to undertake urgent action against the junta to ensure there’s justice for its victims and a reckoning for its crimes.”

Translated by Khin Maung Nyane. Written in English by Richard Finney.

Hong Kong exodus continues as rights groups pinpoint leaders’ overseas property

Hongkongers are continuing to leave the city in droves amid an ongoing crackdown on dissent under a draconian security law imposed by Beijing.

Recent figures from the city’s census and statistics department showed the city’s population has fallen for the third year running, with net departures of permanent residents totaling 113,000 during 2022 alone, and around 121,000 compared with the same time last year.

“This is pretty unprecedented,” Chinese University of Hong Kong business school researcher Simon Lee told RFA. “[Before this] we saw population growth for a long period.”

“Many of these people leaving are young and strong, and it’s too early to tell whether they will come back or not,” Lee said. “This is a blow to our economic recovery in the short term, because fewer people means less economic activity and less consumption.”

A social activist who gave only the nickname Peter said it is increasingly difficult for people in Hong Kong to get information about what is happening to those who leave.

“There is less news out there, no more Apple Daily, Stand or Citizen News,” Peter said. “In one sense, to a certain extent the government … wants to force people to leave, so they can’t stand together.”

Peter said he has started a letter-writing program to allow overseas Hongkongers to support people currently behind bars for their role in the 2019 protest movement or held as part of subsequent political crackdowns.

“Everyone has to live their own lives, because it’s hard to even think about the [protest movement] if you don’t do that,” he said. “But while we’re doing that, we can use some of our leftover energy to reconnect [with everyone else].”

“Whenever I have time to write a letter, I remind myself why I can’t go back to Hong Kong,” he said. “I can’t go home.”

People lie in hospital beds with night-time temperatures falling outside the Caritas Medical Centre in Hong Kong on Feb. 16, 2022, as hospitals become overwhelmed with the city facing its worst COVID-19 wave to date. Credit: AFP
People lie in hospital beds with night-time temperatures falling outside the Caritas Medical Centre in Hong Kong on Feb. 16, 2022, as hospitals become overwhelmed with the city facing its worst COVID-19 wave to date. Credit: AFP

Foreign property owners

Peter’s initiative has seen letters pour in from the U.K., Norway, Germany, Belgium and the Netherlands, among other countries, and the democratic island of Taiwan, which has offered immigration options to Hongkongers fleeing the crackdown.

The U.K.-based rights group Hong Kong Watch has also called on governments to step up sanctions on the city’s officials, many of whom own property overseas.

The group said it had identified property belonging to four Hong Kong officials in the U.K., Canada, and Australia.

Health secretary Lo Chung-Mau owns a flat in London, while non-official executive councilors Margaret Leung, Moses Cheng and Eliza Chan own property in Sydney, London and Toronto, the group said.

“It beggars belief that Hong Kong officials who denounce Western countries so gleefully are destroying their fellow citizens’ basic freedoms and rights [and] continue to own property in the U.K., Australia, and Canada,” the group’s advocacy director Sam Goodman said.

The group called on the governments of the U.K., Canada, and Australia to join the U.S. in introducing Magnitsky-style sanctions targeting the assets of Hong Kong officials who are “complicit in gross human rights violations.”

Meanwhile, international arrivals have fallen sharply in Hong Kong amid the city’s COVID-19 quarantine restrictions.

Passenger volumes have plummeted, with 18 times fewer passengers arriving in Hong Kong via the airport this summer — just over two million per month in July and August 2022 — compared with pre-pandemic figures.

People lie in hospital beds with night-time temperatures falling outside the Caritas Medical Centre in Hong Kong on Feb. 16, 2022, as hospitals become overwhelmed with the city facing its worst COVID-19 wave to date. Credit: AFP
People lie in hospital beds with night-time temperatures falling outside the Caritas Medical Centre in Hong Kong on Feb. 16, 2022, as hospitals become overwhelmed with the city facing its worst COVID-19 wave to date. Credit: AFP

Losing to Singapore

Lee said the recent easing of quarantine requirements for inbound passengers was unlikely to improve things.

“With regard to tourists, people won’t come unless they have to for business, because they have a lot of choices for leisure travel,” he said. “Why would they come to Hong Kong? They would only come if they like Hong Kong a lot.”

While the government recently eased restrictions in a bid to kickstart the city’s flagging economy, the number of flights arriving in the city is still far lower than those destined for Singapore, which lifted quarantine requirements for arrivals in April.

RFA counted 61 flights arriving at Hong Kong International Airport on Aug.12, compared with 289 flights arriving at Singapore’s Changi Airport, nearly five times as many.

The Singapore Tourism Board estimates between four and six million visitors will arrive in the city this year for tourism purposes, with 543,000 inbound tourists in June compared with 418,000 in May, and the figures have been rising for five months in a row.

Lee said Hong Kong’s COVID-19 policy had hit its status as an international aviation hub, and the city would struggle to catch up with its main competitor.

“It is a short-term phenomenon, but other places returned to normal six months ago,” Lee said. He said the development would likely mean people get out of the habit of booking flights routed through the city.

Translated and edited by Luisetta Mudie.

Feedzai together with Lloyds Banking Group recognized as a Aite-Novarica Group 2022 Fraud Impact Award Winner

  • Feedzai’s RiskOps Platform recognized for their work with with Lloyds Banking Group in Best Transaction Fraud Monitoring and Decisioning Innovation category
  • The global award highlights how Feedzai’s patented innovation increased protection for banking customers against scams, and significantly lowered risk and fraud losses

SAN MATEO, Calif. and LISBON, Portugal, Aug. 15, 2022 (GLOBE NEWSWIRE) — Feedzai, the world’s first RiskOps platform for financial risk management has been named Best Transaction Fraud Monitoring and Decisioning Innovation in the Aite-Novarica Group 2022 Fraud Impact Innovation Awards. The award highlights how Feedzai empowers the bank’s data scientists to protect customers from scams and other fraud using a patented algorithm and providing a 360-degree entity view of payment risk. Due to its proficiency in mitigating fraud risk, Feedzai’s patent innovation is helping many financial institutions including Lloyds Banking Group, one of the largest retail banks in the world.

According to recent reports, financial crime has been on the rise since the COVID-19 pandemic began and large numbers of people have turned online for their banking activities. In the U.S., the impact of identity fraud last year was $52 billion in financial loss, affecting 42 million consumer victims (Javelin Research). In the U.K., authorized push payment scams reached £355 million in the first half of 2021, a year-on-year increase of 70 percent.

“Today’s fraud scams are increasingly hard to stop by traditional solutions because the transactions involve genuine customers on their actual devices, at their usual IP,” said Pedro Barata, Chief Product Officer Feedzai. “Lloyds Banking Group and Feedzai have pioneered an approach that utilizes all available data across multiple channels to make fair fraud risk decisions in milliseconds, based on an individual’s specific details and activities, not one that is dependent on generalized customer groupings.”

Feedzai RiskOps Platform has been proven to increase protection for banking customers against scams. The innovation and technical strengths of the solution contributed to the award win, as they provide customers with tangible benefits, including:

  • Financial crime risk mitigation – Higher detection rates and lower false-positives help protect banks and their customers from the costly and distressing experience of fraud and scams.
  • Enhanced user experience – reduces friction for good customers and lowers the number of unnecessary contacts with analysts and call centers.
  • Operational efficiency – Keeps intervention rates low and ensures a less complex system through model-driven as well as rule-driven systems.

“Organized crime continues to attack financial services firms and consumers, always finding new and clever ways to circumvent their defenses. Legacy approaches are less effective at keeping pace with, and adapting to, the escalating threat landscape,” says Chuck Subrt, Fraud & AML Practice Director at Aite-Novarica Group. “Fraud and AML executives recognize the imperative for more innovative tools that can drive meaningful intelligence, smarter decision-making, and better outcomes,” he explains.

For more information about Feedzai RiskOps Platform, go to: https://feedzai.com/riskops#riskops_platform

Feedzai will be honored at an awards presentation at Aite-Novarica Group’s Fifth Annual Financial Crime Forum in Charlotte, NC on September 19th.

About the Aite-Novarica Group 2022 Fraud Impact Innovation Awards: The Fraud & AML Impact Innovation awards honors organizations with innovations that are bringing the financial services industry one step closer to triumphing over fraud, money laundering, and other illicit activity. The winners were evaluated by a panel of internal Aite-Novarica Group advisors and external industry experts drawn from financial institutions and the media. Evaluation criteria include level of innovation, competitive advantage, market needs/drivers, impact and value, and future roadmap.

About Aite-Novarica Group:

Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.

About Lloyds Banking Group:
Lloyds Banking Group is a financial services group focused on retail and commercial customers – with millions of customers in the UK, and a presence in nearly every community. Lloyds Banking Group has many household names like Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows.

About Feedzai:
Feedzai is the world’s first RiskOps platform, and the market leader in safeguarding global commerce with today’s most advanced cloud-based risk management platform, powered by machine learning and artificial intelligence. Feedzai is securing the transition to a cashless world while enabling digital trust in every transaction and payment type. The world’s largest banks, processors, and retailers trust Feedzai to protect trillions of dollars and manage risk while improving the customer experience for everyday users, without compromising privacy. Feedzai is a Series D company and has raised $282M to date. With a valuation of +$1.5B, the company’s technology protects 900 million people in 190 countries. For more information, visit feedzai.com

Press Contact – Feedzai
pr@feedzai.com

Police in China’s Chengdu raid Sunday meeting of banned church members, detain one

Authorities in the southwestern Chinese province of Sichuan have once more raided a gathering of Early Rain Covenant Church members in the the provincial capital, Chengdu, detaining one of them, RFA has learned.

Christian writer and translator Xing Hongwei was detained in Chengdu on Sunday after a teahouse gathering of church members was raided by around 30 uniformed officers and plainclothes state security police, church members said on Monday.

The group of more than 50 church members was accused of holding an “illegal gathering” at a teahouse in Chengdu’s Wuhou district, and Xing was detained for allegedly “assaulting a police officer,” and is being held in criminal detention, they said.

While the church’s premises were raided and forcible shut down during police raids in December 2018, the authorities have continued to target the church’s members, amid tightened restrictions on religious groups in recent years under ruling Chinese Communist Party (CCP) leader Xi Jinping.

A church member surnamed Wang who was at the teahouse said police surrounded the group and took their personal details including ID card numbers, one by one.

“About 50 brothers and sisters attended,” Wang said. “At around 10.30 a.m., about 22 or 23 uniformed police officers and about eight or nine plainclothes police surrounded us.”

“They surrounded us in two circles; one circle around our group, and another around the entire [teahouse] courtyard,” he said.

A second church member who declined to be named said the raid was led by the state security police chief for Wuhou district, who said the Chengdu police department was taking a “zero tolerance” approach to the gathering.

Early Rain Covenant Church pastor Wang Yi and his wife are shown in an undated photo. Credit: Early Rain Covenant Church
Early Rain Covenant Church pastor Wang Yi and his wife are shown in an undated photo. Credit: Early Rain Covenant Church

Violent police response

Officers said the church was an “illegal organization,” that had already been banned, the church member said.

“Brother Xing’s wife Zhao Qing and their daughter came yesterday, while he waited for them outside [due to ill-health],” the church member said. “The police went out to check his ID card too, and he asked them why he was being pulled into this as he wasn’t even at the meeting.”

Xing’s questioning of the police was met with a violent response.

“The police hit Xing Hongwei because he was unwilling to cooperate when asked for his personal details, and then there was a physical altercation,” a church member surnamed Li told RFA.

“The police pushed Xing Hongwei to the ground saying he had assaulted a police officer and took him away,” Li said. “We later heard that Xing Hongwei had been detained on suspicion of assaulting a police officer.”

Xing was taken to a different police station from the local one, and hadn’t emerged by 11.00 p.m. on Sunday.

An employee who answered the phone at the Jitou police station in Wuhou district hung up the phone when contacted by RFA on Monday.

Bob Fu, president of the U.S.-based Christian rights group ChinaAid, said the police raid had deprived the Early Rain church members of their religious rights.

“Chengdu Early Rain Covenant Church was founded by Pastor Wang Yi, who gave a sermon from the pulpit calling on Xi Jinping to stop violating the Chinese constitution with the crackdown on religious freedom,” Fu said.

“This raid on the Early Rain Sunday meeting was yet another serious form of persecution,” he said.

Dangerous foreign import

Wang Yi was jailed on Dec. 30, 2019 by the Chengdu Intermediate People’s Court, which found him guilty of “incitement to subvert state power” and of “running an illegal business” in a secret trial.

Wang was detained by police in Sichuan’s provincial capital Chengdu on Dec. 14, 2018, alongside dozens of church members in a raid that prompted an international outcry.

Some Early Rain Covenant Church members who were detained in raids on Dec. 9 and 10, 2018, and later released said the police had beaten them, and one detainee described being tied to a chair and deprived of water and food for 24 hours, rights groups reported at the time.

The CCP under general secretary Xi regards Christianity as a dangerous foreign import, with party documents warning against the “infiltration of Western hostile forces” in the form of religion.

The party, which embraces atheism, exercises tight controls over any form of religious practice among its citizens.

State security police and religious affairs bureau officials frequently raid unofficial “house churches” that aren’t members of the CCP-backed Three-Self Patriotic Association, although member churches have also been targeted at times.

China is home to an estimated 68 million Protestants, of whom 23 million worship in state-affiliated churches under the aegis of the Three-Self Patriotic Association, and some nine million Catholics, the majority of whom are in state-sponsored organizations.

Translated and edited by Luisetta Mudie.

TMC Secures $30M Investment on Path to Commercial Seafloor Nodule Production

  • Private investment in public equity (PIPE) financing secured primarily through existing TMC shareholders and insiders
  • The transaction includes an aggregate of $30.4 million in commitments to purchase common shares at US$0.80 per share

NEW YORK, Aug. 15, 2022 (GLOBE NEWSWIRE) — TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or the “Company”), an explorer of the world’s largest estimated undeveloped source of critical battery metals, today announced a committed PIPE financing which is expected to result in US$30.4 million of gross proceeds (approximately $30M net proceeds) through the issuance of approximately 38.0 million common shares. A majority of the committed funds are from existing TMC shareholders and insiders, including Allseas, ERAS Capital (the family office of TMC Director Andrei Karkar), SAF Group Managing Partner and entrepreneur Brian Paes-Braga, Front End Chairman & CEO Majid Alghaslan, and TMC Chairman & CEO Gerard Barron (who purchased common shares at $0.9645 per share based on the consolidated closing bid price of the common shares on August 11, 2022) and his family. In total, approximately 70% of the commitments came from existing TMC shareholders and insiders. The Company believes that the full proceeds from this transaction expected this quarter plus existing cash will be sufficient to fund operations for at least the next twelve months, past the July 2023 date targeted by the International Seabed Authority (ISA) as the date for the final adoption of the exploitation regulations for the industry.

“I appreciate the ongoing support from our existing shareholders and welcome new shareholders to TMC,” said Gerard Barron, CEO and Chairman of TMC. “While we continue to see strong tailwinds in critical mineral demand and prices as well as increased efforts by countries and companies to shore up supply chains for EV battery metals, our pre-production company is not immune to inflation particularly in our offshore costs. We believe this infusion of capital helps to ensure that we can continue to hit our milestones leading up to the expected submission of our NORI-D exploitation application to the ISA.”

Last month TMC announced that its Australian subsidiary, The Metals Company Australia Pty Ltd., had entered into a research funding agreement with a consortium of institutions led by Australia’s Commonwealth Scientific Industrial Research Organisation (CSIRO) to create a framework for the development of an ecosystem-based environmental management and monitoring plan (EMMP). Earlier this year the Company and its strategic partner, Allseas, announced successful wet-test commissioning of the pilot nodule collection system — including the nodule riser and collector vehicle — in the Atlantic Ocean.

As previously announced, TMC will host a conference call today, Monday, August 15, 2022 at 4:30 pm ET, to provide an update on second quarter financial results and recent corporate developments, including the PIPE financing.

EAS Advisors LLC, acting through Odeon Capital Group LLC, member of FINRA/SIPC/MSRB/NFA, acted as placement agent on the PIPE financing.

The securities described above have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. TMC has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the common shares issuable in this private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About The Metals Company

The Metals Company is an explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the clean energy transition with the least possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The company through its subsidiaries holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga. More information about The Metals Company is available at www.metals.co.

More Info
Media | media@metals.co
Investors | investors@metals.co

Forward Looking Statements

Certain statements made in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, including related to the expected proceeds from the PIPE financing, how long TMC’s cash and proceeds from the PIPE financing will fund operations, the timing of ISA actions and TMC’s submission of an exploitation application. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside TMC’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: TMC’s successful completion of the PIPE financing and receipt of all expected proceeds thereform; TMC’s ability to obtain exploitation contracts for its areas in the CCZ; regulatory uncertainties and the impact of government regulation and political instability on TMC’s resource activities; changes to any of the laws, rules, regulations or policies to which TMC is subject; the impact of extensive and costly environmental requirements on TMC’s operations; environmental liabilities; the impact of polymetallic nodule collection on biodiversity in the CCZ and recovery rates of impacted ecosystems; TMC’s ability to develop minerals in sufficient grade or quantities to justify commercial operations; the lack of development of seafloor polymetallic nodule deposit; TMC’s ability to successfully enter into binding agreements with each of Allseas and Epsilon Carbon; uncertainty in the estimates for mineral resource calculations from certain contract areas and for the grade and quality of polymetallic nodule deposits; risks associated with natural hazards; uncertainty with respect to the specialized treatment and processing of polymetallic nodules that TMC may recover; risks associated with collective, development and processing operations, including with respect to the proposed plant in India and Allseas’ expected development efforts; fluctuations in transportation costs; fluctuations in metals prices; testing and manufacturing of equipment; risks associated with TMC’s limited operating history; the impact of the COVID-19 pandemic; risks associated with TMC’s intellectual property; and other risks and uncertainties, including those under Item 1A “Risk Factors” in TMC’s Annual Report on Form 10-K for the year ended December 31, 2021, filed by TMC with the Securities and Exchange Commission (“SEC”) on March 25, 2022, and in TMC’s other future filings with the SEC. TMC cautions that the foregoing list of factors is not exclusive, including TMC’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 when filed with the SEC. TMC cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. TMC does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based except as required by law.