WEBVTT - Robots, Drones, and Sensors Help You Mine More By Digging Less

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<v Speaker 1>Hi everyone, I'm Mark Taylor and you're listening to Switch

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<v Speaker 1>on the BENF podcast. On December second of last year,

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<v Speaker 1>we did an episode on ethical cobalt Danta and I

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<v Speaker 1>interviewed Quacy and POFO about a recent trip he took

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<v Speaker 1>to the Democratic Republic of the Congo to look at

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<v Speaker 1>mines there. He talked about some of the minds he

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<v Speaker 1>saw that we're our teasonal minds where people were still

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<v Speaker 1>using pick axes and shovels to mind cobalt. But he

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<v Speaker 1>also mentioned about halfway through the episode about a mind

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<v Speaker 1>he saw that he called the most advanced mind he'd

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<v Speaker 1>ever seen. Now, today we're going to dig into that

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<v Speaker 1>topic a bit more. Yeah, I know pun intended. We're

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<v Speaker 1>going to talk about digitalization and mining. We'll talk with

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<v Speaker 1>BENF digital industry analyst Daniel lu about a report she

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<v Speaker 1>wrote with Quacy called Digitalization Strategies in Mining. BENIF clients

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<v Speaker 1>can find this report on beanf dot com, the BENF

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<v Speaker 1>mobile app, and the Bloomberg terminal. It has always Beneif

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<v Speaker 1>does not provide investment or strategy advice, and you can

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<v Speaker 1>hear the full disclaimer at the end of the show. Okay,

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<v Speaker 1>let's get to it. Hi, Daniel, him Mark, thanks for

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<v Speaker 1>coming in, Thanks for having me. Can we start off

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<v Speaker 1>today with the real basics. So why would anybody who

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<v Speaker 1>is not a miner care about digital advances in mining? Well,

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<v Speaker 1>I think the core of your question is why should

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<v Speaker 1>anybody who's not a minor right care about mining the industry? Okay,

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<v Speaker 1>So if you care about things, then you should care

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<v Speaker 1>about mining because mining is how you get the material

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<v Speaker 1>to make things. So if we expect economic growth, which

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<v Speaker 1>hopefully we all do, that usually translates into more things,

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<v Speaker 1>more new products, more technology, more material goods, and mining

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<v Speaker 1>is going to have to really boom and take off

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<v Speaker 1>to fuel that demand. So, in essence, if you care

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<v Speaker 1>about things, if you care about economic growth, you have

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<v Speaker 1>to care about mining. So the advances will talk about

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<v Speaker 1>today everybody should maybe be rooting for those, I think so,

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<v Speaker 1>I mean, if you're excited about electric vehicles, if you're

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<v Speaker 1>excited about the new iPhone next year, if you're excited

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<v Speaker 1>about really any new technology or any material good, then yeah,

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<v Speaker 1>you should be excited about these improvements in mining. That said,

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<v Speaker 1>what are the pressures that are facing miners to make

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<v Speaker 1>improvements that we will talk about in a second. Yeah,

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<v Speaker 1>so I think that maybe, um, it's a corollary to

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<v Speaker 1>kind of what's happened in oil and gas. So oil

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<v Speaker 1>prices have tanked and been very volatile the past few years,

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<v Speaker 1>and the same thing has been happening in the commodities markets,

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<v Speaker 1>so for iron, aluminum, cobalt, gold, everything like that. UM,

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<v Speaker 1>commodities have been in wild fluctuation. And obviously commodity prices

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<v Speaker 1>are directly linked to the revenue, the top line revenue

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<v Speaker 1>of all mining companies. So when commodity prices fall as

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<v Speaker 1>they have, that means mining companies lose a lot of revenues.

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<v Speaker 1>So in the past decade or so, if you look

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<v Speaker 1>at commodity indices, they've been swinging a lot and that's

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<v Speaker 1>resulted in up to loss of market cap for a

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<v Speaker 1>lot of major mining companies like Rio Tinto, Haliburton, Glencore,

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<v Speaker 1>a lot of these companies that are big players globally,

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<v Speaker 1>and a few of the ones that we write about

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<v Speaker 1>in our note. In the note, you also mentioned to

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<v Speaker 1>other challenges that are facing miners, a surgeon demand for

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<v Speaker 1>battery medals, and a focus on sustainability. Can you comment

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<v Speaker 1>on those how those are driving minors toick go digital. Yeah,

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<v Speaker 1>so more electric vehicles, more grid scale batteries on the

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<v Speaker 1>grid will require more battery metals like lithium and cobalt.

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<v Speaker 1>A lot of those are mine from artisanal minds today.

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<v Speaker 1>A lot of them involve humanitarian or environmental issues and

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<v Speaker 1>their supply change. So these two things really are linked.

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<v Speaker 1>To get more battery metals and to become more sustainable,

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<v Speaker 1>the mining company or the mining industry should look towards

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<v Speaker 1>technologies that can improve its operations, improve their yields, and

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<v Speaker 1>really improve transparency so that you can help make it

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<v Speaker 1>safer for humans. So going back to sustainability a little bit,

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<v Speaker 1>that's a growing trend all over the place, and it

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<v Speaker 1>seems to be mining is following suit or are they

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<v Speaker 1>kind of affording their own path. I think they're trying

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<v Speaker 1>to follow suit. Yeah, absolutely. I think a lot of

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<v Speaker 1>large investors, especially institutional investors, are paying a lot more

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<v Speaker 1>attention to efficiency, human rights issues, environmental stewardship in their operations.

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<v Speaker 1>And mining is a pretty materially intense industry. It creates

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<v Speaker 1>a lot of voice and it creates a really really

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<v Speaker 1>big impact on the landscape. So, yeah, there is in

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<v Speaker 1>increased E s G pressure across the board. But mining,

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<v Speaker 1>I think has a really big onus to use more

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<v Speaker 1>technology to improve its environmental footprint. So why is digitalization

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<v Speaker 1>the way to go for miners to accomplish these goals

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<v Speaker 1>or is it? Or there are other ways they could advance? Well,

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<v Speaker 1>I think number one, we should look at mining as

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<v Speaker 1>just one of several industries that are becoming interested in

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<v Speaker 1>digital technologies. So may manufacturing, power, utilities, oil and gas, transport, shipping,

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<v Speaker 1>you name it. All of these incumbent heavy industries are

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<v Speaker 1>becoming very, very interested in using new technologies to just

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<v Speaker 1>become leaner and better. And in a lot of regions,

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<v Speaker 1>especially in places like China and Germany, with a lot

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<v Speaker 1>of support for industrial technology, you as a company need

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<v Speaker 1>to adopt more digital technology if you want to compete

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<v Speaker 1>into the future. So for a lot of industries and

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<v Speaker 1>a lot of regions, going digital is no longer a

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<v Speaker 1>question of if or should I It's a question of

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<v Speaker 1>when or how, which I think is the natural next step.

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<v Speaker 1>And the next question, how are they going digital? Yeah?

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<v Speaker 1>So I have a lot of examples from our research,

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<v Speaker 1>but let's maybe start from the basics. So one of

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<v Speaker 1>the most basic technologies in industrial digitalization is sensors. Sensors

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<v Speaker 1>capture signals from the physical world and turn it into

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<v Speaker 1>digital So there's a lot of applications for sensors in mining.

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<v Speaker 1>Um One tidbit that I learned is that for every

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<v Speaker 1>unit of material that you dig out of the ground,

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<v Speaker 1>only one percent of that is usable at the end.

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<v Speaker 1>So that means everything that you dig up and transport

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<v Speaker 1>and use chemicals to refine needs to be taken care

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<v Speaker 1>of somehow so or one of the interesting applications for

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<v Speaker 1>sensors that we looked at is putting sensors on the

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<v Speaker 1>lip of a shovel truck. So when that truck digs

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<v Speaker 1>a new bucket of material from the ground, these sensors

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<v Speaker 1>can send kind of X ray beams into the material

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<v Speaker 1>and the dirt in the bucket, and then it can

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<v Speaker 1>instantaneously show you, the driver or the operator, how much

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<v Speaker 1>of the material in that bucket is, for instance, gold,

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<v Speaker 1>how much is cobalt, how much is aluminum? Basically how

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<v Speaker 1>much is how much does it contain what you're looking for?

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<v Speaker 1>And then you as an operator can then make the decision, oh,

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<v Speaker 1>there's too much waste in here. It's not worth it

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<v Speaker 1>for me to spend so much fuel to transport it,

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<v Speaker 1>so much water, so many chemicals, so much power and

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<v Speaker 1>electricity to process it. Or if it has above a

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<v Speaker 1>certain threshold, then that makes you helps you make a

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<v Speaker 1>smarter decision about where to send that truck of material,

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<v Speaker 1>so scan it, then choose to dump it or ship

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<v Speaker 1>and then it just enables smart routing. Basically, it helps

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<v Speaker 1>you avoid so much more downstream power, chemicals, water, energy

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<v Speaker 1>that you maybe would have otherwise wasted. Another cool technology

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<v Speaker 1>is drones and robots. So in mining, oftentimes you'll dig

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<v Speaker 1>up a whole bunch of material and then you'll just

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<v Speaker 1>basically leave it in a stockpile on your site and

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<v Speaker 1>then get to it later for processing. So humans have

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<v Speaker 1>to walk around and take manual measurements or use their

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<v Speaker 1>eyes to gauge how much material is in a aisle

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<v Speaker 1>of rock. That takes a lot of time, and that

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<v Speaker 1>takes a lot of people just walking about, sometimes an

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<v Speaker 1>inclement weather, sometimes maybe in dark, dangerous conditions. You can

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<v Speaker 1>do that much faster, much easier with a drone that

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<v Speaker 1>just flies overhead. It uses a smart camera on board

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<v Speaker 1>to make an estimate of the volume of material. That

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<v Speaker 1>is in a stockpile, and then that gets you information faster.

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<v Speaker 1>That gets you information much more frequently, which is great.

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<v Speaker 1>Same thing with robots. So precision mining is something that

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<v Speaker 1>a lot of companies are really really interested in. It

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<v Speaker 1>means they're not just blindly digging material out of the ground.

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<v Speaker 1>I'm not saying that they are now, but they can

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<v Speaker 1>get better, right, they can become more accurate, and then

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<v Speaker 1>if you have really agile robots that can dig in

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<v Speaker 1>very very precise ways, that helps you reach your ultimate

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<v Speaker 1>mineral better. Probably the hottest technology in the mining industry

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<v Speaker 1>is autonomous haul trucks. So these are the trucks that

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<v Speaker 1>transport the mineral that you just dug up from your mind.

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<v Speaker 1>Then they transport it to your processing site. Now, these

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<v Speaker 1>are the big, giant trucks with the wheels that are

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<v Speaker 1>bigger than people. Okay exactly. So I think a lot

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<v Speaker 1>of the public and a lot of I didn't know

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<v Speaker 1>this before, but the mining industry has been using fully

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<v Speaker 1>automated hall trucks for a decade or more. Autonomous. Fully

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<v Speaker 1>autonomous so no driver there. Either they travel on a

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<v Speaker 1>preset GPS route or they can be remote controlled by

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<v Speaker 1>you know, like a joystick from a control tower, which

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<v Speaker 1>is really cool and I think that UM sounds fun.

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<v Speaker 1>So that's been a really great application of technology UM

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<v Speaker 1>and it's spreading through that to those to be autonomous.

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<v Speaker 1>It's been popular. For instance, for one company that we

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<v Speaker 1>profiled called Frio Tinto, a lot of their operations are

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<v Speaker 1>in Australia, so compared to other major mining companies, Australia

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<v Speaker 1>has a really high cost of labor. So for Rio Tinto,

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<v Speaker 1>if you can automate as many processes as you can

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<v Speaker 1>and avoid high labor costs, that directly translates into their

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<v Speaker 1>bottom line. And it's not just cost right, it's also

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<v Speaker 1>removing humans from potentially risky or dangerous situations. On the

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<v Speaker 1>equipment side, if you can put data and autonomy into

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<v Speaker 1>that truck, you can route it. Again, it's with smart routing,

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<v Speaker 1>so you can route it better, less wear and tear

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<v Speaker 1>on the internal gears and tires, and sometimes you can

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<v Speaker 1>see up to forty or increase in the lifespan of

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<v Speaker 1>your tires, which is really cool. So it sounds like

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<v Speaker 1>each one of these things is a percent here, percent

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<v Speaker 1>there that really adds up to make a real impact

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<v Speaker 1>on the company's bottom line, I think. So, yeah, I

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<v Speaker 1>think there's no magic bullet now that gets you with

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<v Speaker 1>one technology yield. But yeah, it's it's a conglomeration of

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<v Speaker 1>a lot of different things. And that's actually a good

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<v Speaker 1>point is that many companies are experimenting with bringing a

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<v Speaker 1>suite of these technologies altogether. So a lot of companies

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<v Speaker 1>are experimenting with fully, fully automated and fully electric underground minds,

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<v Speaker 1>which is really really cool. So underground minds are tend

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<v Speaker 1>to be more risky, right, um, and they tend to

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<v Speaker 1>involve more investment. They start as open pit or above ground,

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<v Speaker 1>and then once they run out of easy to dig

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<v Speaker 1>material or mineral, then they move underground. So it's almost

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<v Speaker 1>an evolution of the mine. Um. So a lot of

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<v Speaker 1>companies are experimenting with going fully autonomous, fully electric for

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<v Speaker 1>underground minds, which I think is really cool. And again

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<v Speaker 1>there's that human element of an improving workers safety and

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<v Speaker 1>improving impact on the environment as well. So last Sunday,

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<v Speaker 1>I was eating lunch and I was I was watching

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<v Speaker 1>YouTube confession and I found myself watching a Bloomberg short

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<v Speaker 1>documentary on space mining. I saw that you did. It

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<v Speaker 1>was fantastic. You know, shout out to the Bloomberg media

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<v Speaker 1>team for making it. It was really fantastic. And one

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<v Speaker 1>of the points they made was that a lot of

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<v Speaker 1>the technologies that they are working on for space mining

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<v Speaker 1>may not ever mine an asteroid, but they are being

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<v Speaker 1>able to be used on minds here on Earth. Where

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<v Speaker 1>are most of the advances coming from. So are these

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<v Speaker 1>being you know, developed specifically for mining or from space mining,

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<v Speaker 1>or they borrowing from other industries? No, I mean, believe

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<v Speaker 1>it or not. Even though mining has been using autonomous

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<v Speaker 1>hall trucks, for instance, for a decade, a lot of

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<v Speaker 1>other industries are very very far along. And that's one

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<v Speaker 1>thing that I think the mining industry has been really

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<v Speaker 1>good at is looking at other industries, other pure industries

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<v Speaker 1>sometimes and then learning from them, learning what they did well,

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<v Speaker 1>and learning what technologies had the most impact. A lot

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<v Speaker 1>of airlines, for instance, use predictive maintenance on their aircraft

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<v Speaker 1>to Yeah. So it's a piece of software that uses

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<v Speaker 1>AI to read the sensor data coming from each individual part,

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<v Speaker 1>each individual um or something. Yeah, and then if it

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<v Speaker 1>senses that, oh, the vibration is off by a tiny

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<v Speaker 1>little bit, it can predict I think that means that

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<v Speaker 1>the engine will break down, or I think it means

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<v Speaker 1>that this gear will start to become more ineffective in

0:13:27.679 --> 0:13:29.960
<v Speaker 1>two weeks time or something like that, and it'll raise

0:13:30.000 --> 0:13:32.080
<v Speaker 1>its hand and it'll send you an alert. And that

0:13:32.160 --> 0:13:35.360
<v Speaker 1>means you can schedule your operations and maintenance at much

0:13:35.440 --> 0:13:39.360
<v Speaker 1>much better times. You can avoid catastrophic failures, and you

0:13:39.400 --> 0:13:42.560
<v Speaker 1>can schedule your maintenance to happen maybe on downtimes when

0:13:42.600 --> 0:13:47.040
<v Speaker 1>you're not losing a lot of dollars by bringing that

0:13:47.520 --> 0:13:50.560
<v Speaker 1>machine down. So Mining has been learning a lot from

0:13:50.760 --> 0:13:54.040
<v Speaker 1>the airline industry on predictive maintenance and bringing a lot

0:13:54.080 --> 0:13:58.040
<v Speaker 1>of that technology to for instance, it's hall trucks or

0:13:58.840 --> 0:14:05.280
<v Speaker 1>the mills and processors in mining refineries. Um, same thing

0:14:05.480 --> 0:14:08.120
<v Speaker 1>for the automotive industry. I think Mining has done a

0:14:08.160 --> 0:14:12.559
<v Speaker 1>really good job at looking at automation in the automotive

0:14:12.600 --> 0:14:16.960
<v Speaker 1>manufacturing space and trying to figure out what it can learn,

0:14:17.040 --> 0:14:20.280
<v Speaker 1>what it can take from that. So I don't think

0:14:20.280 --> 0:14:23.280
<v Speaker 1>it's necessarily a bad thing that mining has been a

0:14:23.320 --> 0:14:26.920
<v Speaker 1>little bit late to the game to adopt digital technologies,

0:14:26.920 --> 0:14:29.120
<v Speaker 1>because it means they have all these great lessons to

0:14:29.200 --> 0:14:31.840
<v Speaker 1>learn from and maybe it gets them to their result faster.

0:14:32.000 --> 0:14:37.520
<v Speaker 1>Even you mentioned that Rio Tinto has has autonomous hauling vehicles.

0:14:38.040 --> 0:14:39.760
<v Speaker 1>Can you talk about some of the advantage that the

0:14:39.800 --> 0:14:43.120
<v Speaker 1>other competitors have made, So who is leading in digital

0:14:43.160 --> 0:14:47.640
<v Speaker 1>in mining across all technologies? From our research at least,

0:14:47.640 --> 0:14:50.760
<v Speaker 1>it seems that Rio Tinto is a pioneer and on

0:14:50.800 --> 0:14:53.640
<v Speaker 1>the leading edge. Is there a reason for that? Um?

0:14:53.680 --> 0:14:56.040
<v Speaker 1>I think it has to do with the fact that

0:14:56.120 --> 0:15:01.920
<v Speaker 1>they really did their homework and understood their own markets

0:15:01.960 --> 0:15:06.960
<v Speaker 1>really well and then identified automation as the technology to

0:15:07.080 --> 0:15:10.640
<v Speaker 1>make the biggest impact on their operations, and that a

0:15:10.680 --> 0:15:12.120
<v Speaker 1>lot of that has to do with kind of the

0:15:12.200 --> 0:15:15.360
<v Speaker 1>labor costs that we talked about earlier, UM, But they've

0:15:15.400 --> 0:15:21.720
<v Speaker 1>just been really methodical about applying automation to high value

0:15:22.520 --> 0:15:26.840
<v Speaker 1>segments and high value pieces of equipment over the past decade.

0:15:26.880 --> 0:15:28.920
<v Speaker 1>Like I said, they've had this program for ten years,

0:15:29.160 --> 0:15:31.800
<v Speaker 1>so they've been able to reap a lot of rewards.

0:15:32.080 --> 0:15:35.800
<v Speaker 1>So I think Rio as a leader there. We talked

0:15:35.840 --> 0:15:39.920
<v Speaker 1>a lot about sustainability earlier, and you know, there are

0:15:39.920 --> 0:15:42.000
<v Speaker 1>a lot of companies out there that are making carbon

0:15:42.040 --> 0:15:46.320
<v Speaker 1>neutral pledges and even carbon negative pledges, which is really exciting.

0:15:46.840 --> 0:15:49.080
<v Speaker 1>But the same thing is happening in mining, So Anglo

0:15:49.120 --> 0:15:52.120
<v Speaker 1>American is a good example of a company that has

0:15:52.160 --> 0:15:56.840
<v Speaker 1>a goal of making mining carbon neutral. In a recent

0:15:56.880 --> 0:15:59.360
<v Speaker 1>episode on the battery supply Chain, I believe it was

0:15:59.400 --> 0:16:01.880
<v Speaker 1>with James Rith, he talked about Dimeler wanting to come

0:16:01.960 --> 0:16:05.960
<v Speaker 1>up with a carbon neutral battery that would also involve

0:16:06.080 --> 0:16:10.720
<v Speaker 1>carbon neutral mining cobalt, I would assume, or lithium. So

0:16:10.760 --> 0:16:13.720
<v Speaker 1>how does how would carbon neutral mining work? Well, I

0:16:13.760 --> 0:16:16.160
<v Speaker 1>think in the near term it will probably involve a

0:16:16.240 --> 0:16:23.760
<v Speaker 1>lot of carbon offsets rather than technologies that actually avoid emissions,

0:16:23.800 --> 0:16:27.280
<v Speaker 1>but a lot of software. For instance, energy management software

0:16:27.520 --> 0:16:30.720
<v Speaker 1>in a mining processing plant can cut down on your

0:16:30.800 --> 0:16:34.120
<v Speaker 1>energy usage by so much and that can be really helpful.

0:16:34.880 --> 0:16:37.280
<v Speaker 1>They're also thinking about the same thing in terms of water,

0:16:37.400 --> 0:16:40.280
<v Speaker 1>so water use in mining is a huge issue, especially

0:16:40.320 --> 0:16:43.400
<v Speaker 1>because a lot of mining operations happen in water stressed

0:16:43.720 --> 0:16:47.560
<v Speaker 1>regions or countries. So there's a lot of innovation going

0:16:47.600 --> 0:16:51.280
<v Speaker 1>on with trying to help the industry be able to

0:16:52.280 --> 0:16:57.120
<v Speaker 1>get that one percent of material out of the one

0:16:57.720 --> 0:17:01.280
<v Speaker 1>percent that you dug up using as little water, as

0:17:01.400 --> 0:17:05.280
<v Speaker 1>little energy, as little chemicals as you can. So more

0:17:05.320 --> 0:17:08.720
<v Speaker 1>stuff is going to mean more mining, more advances, so

0:17:08.760 --> 0:17:11.640
<v Speaker 1>the mining companies can survive all this, uh this more

0:17:11.720 --> 0:17:14.280
<v Speaker 1>mining that's going to come. What's next? Is there a

0:17:14.280 --> 0:17:17.280
<v Speaker 1>big overarching theme you're seeing coming up? I think we're

0:17:17.280 --> 0:17:19.800
<v Speaker 1>still in the early days in mining and in a

0:17:19.800 --> 0:17:22.760
<v Speaker 1>lot of heavy industry overall. Actually a lot of industries

0:17:22.800 --> 0:17:27.080
<v Speaker 1>are just figuring out how to apply these technologies make

0:17:27.200 --> 0:17:29.920
<v Speaker 1>them work because a lot of these technologies, let's be honest,

0:17:29.920 --> 0:17:32.080
<v Speaker 1>they're very expensive because a lot of them are new.

0:17:32.640 --> 0:17:34.520
<v Speaker 1>So how to make them work and how to make

0:17:34.760 --> 0:17:39.160
<v Speaker 1>them cost effective? I think strategy as well. There hasn't

0:17:39.359 --> 0:17:45.040
<v Speaker 1>seemed to be one silver bullet digital strategy that has

0:17:45.320 --> 0:17:49.360
<v Speaker 1>emerged as the go to model in mining. I think

0:17:49.359 --> 0:17:51.560
<v Speaker 1>oil and gas is actually a little bit further ahead

0:17:51.560 --> 0:17:54.200
<v Speaker 1>in that, but it hasn't happened yet in mining, which

0:17:54.200 --> 0:17:57.199
<v Speaker 1>I think is actually really exciting. So a number of

0:17:57.200 --> 0:18:00.840
<v Speaker 1>the companies that we profile in our upcoming peace they're

0:18:00.880 --> 0:18:05.840
<v Speaker 1>experimenting with different strategies. They're experimenting with who takes care

0:18:06.080 --> 0:18:09.159
<v Speaker 1>or who takes responsibility for technology. Is that the central

0:18:09.200 --> 0:18:12.439
<v Speaker 1>office or is it each mining site? Or you know,

0:18:12.640 --> 0:18:15.439
<v Speaker 1>do I develop more technology in house so that I

0:18:15.480 --> 0:18:17.920
<v Speaker 1>can own it, or do I buy it from partners

0:18:17.960 --> 0:18:21.320
<v Speaker 1>who maybe further along, but obviously that's an additional cost.

0:18:21.960 --> 0:18:24.600
<v Speaker 1>So I think it's an exciting UM time because there's

0:18:24.640 --> 0:18:27.359
<v Speaker 1>a lot of figuring out left to do UM and

0:18:27.359 --> 0:18:29.920
<v Speaker 1>then just going back to what we said at the beginning, right,

0:18:30.200 --> 0:18:33.359
<v Speaker 1>mining is directly linked to economic output. Mining is one

0:18:33.359 --> 0:18:36.000
<v Speaker 1>of the oldest industries probably on Earth. It's probably the

0:18:36.000 --> 0:18:39.120
<v Speaker 1>oldest industry to find. You have to find the rock

0:18:39.160 --> 0:18:42.639
<v Speaker 1>to make the tool right right exactly. So in order

0:18:42.880 --> 0:18:47.040
<v Speaker 1>to create all of these promising new things, and in

0:18:47.160 --> 0:18:49.720
<v Speaker 1>order to create the world of tomorrow filled with all

0:18:49.760 --> 0:18:52.560
<v Speaker 1>these great technologies that we all want and look forward to,

0:18:53.760 --> 0:18:58.159
<v Speaker 1>it's a lot of that is going to depend on mining. Daniel,

0:18:58.359 --> 0:19:02.600
<v Speaker 1>Thanks for joining us. Thanks mor it's been fun. Bloomberg

0:19:02.640 --> 0:19:04.720
<v Speaker 1>an e F is a service provided by Bloomberg Finance

0:19:04.840 --> 0:19:07.679
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0:19:07.720 --> 0:19:11.159
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0:19:11.240 --> 0:19:14.040
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0:19:14.080 --> 0:19:16.520
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0:19:16.560 --> 0:19:19.840
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0:19:19.880 --> 0:19:23.400
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