WEBVTT - To Save on Lithium, Buy Local

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<v Speaker 1>Hi everyone. In two thousand and eight, I went to

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<v Speaker 1>the annual expo for the geothermal sector in Reno, Nevada.

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<v Speaker 1>There I ran into an acquaintance at geoscientists at one

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<v Speaker 1>of the national labs. She told me she had left

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<v Speaker 1>the lab to join or co found I can't remember which,

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<v Speaker 1>a startup that was going to extract lithium out of

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<v Speaker 1>geothermal brines, to which my reply was why, And she said,

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<v Speaker 1>to catch the growth in electric vehicles. Huh okay. Remember

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<v Speaker 1>it was two eight right. There weren't a lot of

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<v Speaker 1>people talking about electric cars back then. Side note, go

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<v Speaker 1>check out Benf's Electric Vehicle Outlook, our forecast for this

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<v Speaker 1>market out to twenty forty, published last week. It'll absolutely

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<v Speaker 1>be worth your time. You can get it quick search

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<v Speaker 1>for benef Electric Vehicle Outlook. Anyway, the company was called

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<v Speaker 1>Symbol Materials, and they said they had a new process

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<v Speaker 1>for cheaper and more efficient lithium extraction. They got a

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<v Speaker 1>demo going in the salt and sea area of the

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<v Speaker 1>California Desert in then we're planning a big commercial scale plant.

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<v Speaker 1>Then it stopped. It's unclear, but the word is they

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<v Speaker 1>ran into money. But then they got a letter from

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<v Speaker 1>Elon Musk offering to buy Symbol for three twenty five

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<v Speaker 1>million in Tesla stock, but the deal fell through. I'm

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<v Speaker 1>not sure Symbol isn't around anymore. It looks like they

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<v Speaker 1>were about ten years too early, but it appears that

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<v Speaker 1>the company has been revived. It is a new startup

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<v Speaker 1>called International Battery Medals. What's interesting about the story of

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<v Speaker 1>Symbol is that it seems to illustrate most of what

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<v Speaker 1>we'll talk about today, interest from car and battery manufacturers

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<v Speaker 1>securing additional and preferably local lithium supply, and from suppliers

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<v Speaker 1>trying to catch the wave of growing demand for lithium.

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<v Speaker 1>This week on the show, we've got Sharon Moustrie, Medals

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<v Speaker 1>and mining analysts for BENF here to tell us about

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<v Speaker 1>unconventional lithium, what it is and what to expect from it.

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<v Speaker 1>Our discussion is based on report titled Unconventional Lithium the

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<v Speaker 1>Road to Supply Security. BENOF users can get this report

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<v Speaker 1>on BNF dot com, the BENF mobile app, or the

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<v Speaker 1>Bloomberg terminal. As a reminder, BENIF does not provide investment

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<v Speaker 1>or strategy advice, and you can hear the full disclaimer

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<v Speaker 1>at the end of the show. I'm Mark Taylor and

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<v Speaker 1>you're listening to Switch on the BENF podcast. Sharon, thanks

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<v Speaker 1>for joining. Thank you Mark. Can you start us all

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<v Speaker 1>the way back and just quickly tell us why is

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<v Speaker 1>lithium important. Lithium is a key element that we need

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<v Speaker 1>to make lithium my own batteries, which today are the

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<v Speaker 1>best technology that we have for energy storage, and we

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<v Speaker 1>need that in order to make our transportation systems and

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<v Speaker 1>our power systems cleaner. So if we want to decarbonize

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<v Speaker 1>those systems, we're going to need a lot more the

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<v Speaker 1>family in the world, in the energy storage markets picking up,

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<v Speaker 1>the electric vehicles markets picking up, So lithium is just

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<v Speaker 1>going to become more and more important in that story.

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<v Speaker 1>I assume, yeah, exactly. There are some competing technologies, but

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<v Speaker 1>so far there's nothing that has proven to be a

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<v Speaker 1>real competitor with lithium my own batteries, oh, topic of

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<v Speaker 1>another day, like the glass batteries or something like that.

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<v Speaker 1>That sounds cool. We'll definitely do that. Can you tell

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<v Speaker 1>us though, where do you find it? Most of lum

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<v Speaker 1>today is extracted roughly even we split between rock deposits

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<v Speaker 1>in Australia and Brian deposits in Latin America, mostly Chile

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<v Speaker 1>and Argentina. Today, that accounts for about of lithium production today.

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<v Speaker 1>There's a little bit more around the world, especially in China,

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<v Speaker 1>but Chinese assets tend to be quite expensive because of

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<v Speaker 1>their mineralogy, the way they're composed. They're mostly Brian deposits

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<v Speaker 1>in China, but they tend to have more contaminants that

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<v Speaker 1>make them more expensive. Okay, so whether it's a Brian

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<v Speaker 1>deposit or a rock deposit, you have to pull up

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<v Speaker 1>the resource and then pull out the lithium out of that,

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<v Speaker 1>so that can be kind of expensive. I guess you

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<v Speaker 1>could say, yeah, that's exactly it's. So the reason why

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<v Speaker 1>Brian in China is more expensive than Brian in Latin

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<v Speaker 1>America is because in Latin America it is in this

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<v Speaker 1>really really arid landscape where there's almost no wainful and

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<v Speaker 1>basically the process of extracting the fium is just putting

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<v Speaker 1>it in a pond and waiting for the other stuff

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<v Speaker 1>to evaporate. That means that you have very little input costs.

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<v Speaker 1>For China, that's going to be a different story because

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<v Speaker 1>they don't have as much solar radiation and the evaporations

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<v Speaker 1>will not be the same. Wow, so really hot high

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<v Speaker 1>pond that evaporates and you just left with some pretty

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<v Speaker 1>great lithium. Yeah, it takes about a year and a

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<v Speaker 1>half to two years for the whole process. It's really slow,

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<v Speaker 1>but those are some of the cheapest assets we have today.

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<v Speaker 1>So the electric car market, as we just saw this week,

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<v Speaker 1>there are electric vehicle outlook launching by when our forecast

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<v Speaker 1>goes out to that market is going to grow quite

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<v Speaker 1>a bit, and so is the stationary storage market for batteries.

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<v Speaker 1>That means we're gonna need a lot more lithium. Is

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<v Speaker 1>there a shortage? Is there a risk of shortage where

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<v Speaker 1>we at? Yeah, that's actually a really interesting question. A

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<v Speaker 1>few months ago, it would have been a quick, easy answer.

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<v Speaker 1>Were oversupplied. The reason why is because the lithium market

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<v Speaker 1>got really excited for the huge spike in prices about

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<v Speaker 1>two years ago. The suppliers added a ton of capacity

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<v Speaker 1>and that led to an oversupply that has been happening

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<v Speaker 1>for the last almost two years, and prices have been

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<v Speaker 1>coming down, making it harder to finance and supplied today.

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<v Speaker 1>So now we see that with the impact of coronavirus,

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<v Speaker 1>those finance troubles and those capacity editions might be delayed,

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<v Speaker 1>causing a shortage in the mid term. Whereas in the

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<v Speaker 1>beginning of the year we were projecting the market to

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<v Speaker 1>be comfortably supplied until twenty thirty, today we see it

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<v Speaker 1>might be a bit more of a rocky road. Okay,

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<v Speaker 1>that's really interesting. So people were trying to chase a

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<v Speaker 1>high price, so they built a bunch of assets in

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<v Speaker 1>mostly what Australia, Latin America, anywhere, in particular Australia Latin America.

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<v Speaker 1>They built too much. Now they're kind of paying for it,

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<v Speaker 1>and I guess you're saying they're not willing to build anymore,

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<v Speaker 1>and that could lead to a shortage in the future.

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<v Speaker 1>Exactly is that concern about the future where these unconventional

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<v Speaker 1>resources come in. In part the unconventional resources are an

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<v Speaker 1>interesting set of resources because they are more geographic leep diverse.

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<v Speaker 1>Of course, part of what the coronavirus has showed us

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<v Speaker 1>is that if we concentrate our resources in just three countries,

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<v Speaker 1>that's a huge risk to the rest of the supply chain.

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<v Speaker 1>And it also means that if there's an interruption in

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<v Speaker 1>Latin America, or in China, there's no backup. So part

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<v Speaker 1>of the reason why we want unconventional resources is not

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<v Speaker 1>because they're unconventional. It's just because they're closer to centers

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<v Speaker 1>of demand like Europe and the US. That means that

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<v Speaker 1>countries that are seeing electrification pick up quickly or that

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<v Speaker 1>are pushing for electrification in their policies are going to

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<v Speaker 1>want to secure supply, and that's a huge push for

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<v Speaker 1>unconventional resources, both in North America and in the U,

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<v Speaker 1>were lithium is classified as a mineral of special importance.

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<v Speaker 1>Beyond that, I think another really big push for unconventional

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<v Speaker 1>resources came from technology developments actually, so this was separated

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<v Speaker 1>from supply and demand in the market in general. That

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<v Speaker 1>has just been a lot of new companies, mostly startups actually,

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<v Speaker 1>which have been developing the technologies to extract lithium, especially

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<v Speaker 1>for brian in a faster and more efficient way. And

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<v Speaker 1>once you do that than unconventional deposits, which are usually

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<v Speaker 1>harder to extract from because they have lower lithium concentrations,

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<v Speaker 1>they become economically vient. So it's really a political and

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<v Speaker 1>technological story that's making these viable in the future. So

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<v Speaker 1>let's go back and talk about what they are. So

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<v Speaker 1>can you tell us about what the unconventional resources are. Yeah.

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<v Speaker 1>For Bloomberg an EF, we classify the major groups into clay,

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<v Speaker 1>geothermal brine, and oil field brian. What's common of all

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<v Speaker 1>these resources is that they don't come from traditional deposits,

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<v Speaker 1>which have usually higher lithium concentrations, lower contaminant concentrations, and

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<v Speaker 1>therefore can use conventional extraction methods to get the lithium

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<v Speaker 1>out of either the rock or the brine. For unconventional resources,

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<v Speaker 1>it's going to take new technologies and it's also going

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<v Speaker 1>to take new business models to make them economically viable.

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<v Speaker 1>Why is that new business models? Well, for example, this

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<v Speaker 1>particularly salient for geothermal and oil field brines since they

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<v Speaker 1>have such low concentrations. In order to make it economically

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<v Speaker 1>viable to extract I feel we usually have to partner

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<v Speaker 1>with a company that already extracts the brian but just

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<v Speaker 1>doesn't extract the lithium from the brind. So a company

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<v Speaker 1>that has been doing that in the US quite successfully

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<v Speaker 1>now is Standard Lithium. They partnered with Lenses, which has

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<v Speaker 1>really big wells where they extract brian to get bromine

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<v Speaker 1>out of and now they're implementing a new process to

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<v Speaker 1>extract lithium from it. But they don't have to incur

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<v Speaker 1>all the drilling costs for the well is all the

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<v Speaker 1>extraction costs. They just add a new step and that

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<v Speaker 1>makes it a lot cheaper. Is the process proprised terry,

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<v Speaker 1>Why doesn't the other company just do it themselves? Yeah,

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<v Speaker 1>so it is proprietary. And the tricky part about lithium

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<v Speaker 1>is that it's not easy to use one process developed

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<v Speaker 1>for one brian and in one location and apply it

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<v Speaker 1>to another brand in a different location. So this this

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<v Speaker 1>has actually taken years of iterations to refine the process

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<v Speaker 1>and make it particularly successful in this briand which is

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<v Speaker 1>the oil field brine, and it's near the macro reformation.

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<v Speaker 1>So in the US, where is that this macro information

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<v Speaker 1>is the oil field formation, which with highs this theme

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<v Speaker 1>concentrations in the world, and it's in Arkansas in the US.

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<v Speaker 1>It bleeds a little bit into Texas as well. That's

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<v Speaker 1>really interesting. I remember I used to work with scientists

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<v Speaker 1>that we're studying geothermal technology, and this came up back

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<v Speaker 1>in two thousand seven when I was last looking at it.

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<v Speaker 1>I think it was Lawrence Berkeley National Lab that was

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<v Speaker 1>doing a lot on this, pulling the lithium out of

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<v Speaker 1>the geo thermal brine. It's interesting to see that's come

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<v Speaker 1>not full circle yet. I think I was going to

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<v Speaker 1>say that I think they were maybe ten years early,

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<v Speaker 1>but reading your note saying you know that things are

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<v Speaker 1>going to pick up a bit later even from now,

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<v Speaker 1>they could be even ten years too early right now,

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<v Speaker 1>I don't know. I think we'll wait and see. There. Yeah,

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<v Speaker 1>for geo thermal, it's mostly California that's pushing this type

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<v Speaker 1>of lithium, and they exactly insulted. And Saltancy also has

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<v Speaker 1>the highest lip in concentrations of geothermal Brian's recorded up

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<v Speaker 1>to today in the entire world. So they're in a

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<v Speaker 1>really unique position. And the California government has been very

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<v Speaker 1>excited about this because it not only becomes a local

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<v Speaker 1>source of lithium, but it also means that they're geothermal

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<v Speaker 1>plants which sometimes struggle to get financed because they're so

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<v Speaker 1>CAPEX intensive. They're going to have another source of revenues

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<v Speaker 1>to make this type of clean energy viable in the state.

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<v Speaker 1>So it's really exciting for many reasons. I think California's

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<v Speaker 1>have been excited about it and cycled through the excitement,

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<v Speaker 1>and as companies come, they try it out and fail.

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<v Speaker 1>Now a lot more companies are trying, and that's a

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<v Speaker 1>sign of not only it being like a good idea,

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<v Speaker 1>but maybe the technology is ready now, so potentially it'll

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<v Speaker 1>come online, but it's still a few years away and

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<v Speaker 1>it still requires us to try the technology and refine it.

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<v Speaker 1>As I was saying through a lot of iterations, it

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<v Speaker 1>was interesting in your section on geothermal. I noticed there

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<v Speaker 1>was a lot of the logos of the companies there.

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<v Speaker 1>I remember from when I was looking at geothermal those

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<v Speaker 1>years ago. It sounds like they're evolving as companies or

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<v Speaker 1>as a micro industry. I guess you could say, I

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<v Speaker 1>don't know. When I saw this note, I thought, oh,

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<v Speaker 1>this is so cool. This is really interesting to me

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<v Speaker 1>personally because of my past life in geothermal. But I

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<v Speaker 1>thought when I opened it up that it was gonna say, Okay,

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<v Speaker 1>this is gonna be huge, gonna be a big thing.

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<v Speaker 1>But then you say five percent of the lithium market,

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<v Speaker 1>and I was like, alright, okay, it's a bit of

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<v Speaker 1>a letdown, but let's put that into context. My assumption

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<v Speaker 1>there is that the market a four team is going

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<v Speaker 1>to be a lot bigger in and so five could

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<v Speaker 1>be a fair bit today. Can you help us out

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<v Speaker 1>with that, Yeah, exactly. So five percent in twenty would

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<v Speaker 1>be huge today it would require like like a decent

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<v Speaker 1>amount of big projects to come online. That five percent

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<v Speaker 1>actually is on the lower side of what could happen

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<v Speaker 1>for unconventional lithium, and the reason why is because it's

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<v Speaker 1>based on our lithium database, which only takes into account

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<v Speaker 1>for our supply forecast projects that have reached feasibility, and

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<v Speaker 1>for unconventional lithium today that's only really clay projects in

0:12:38.440 --> 0:12:43.000
<v Speaker 1>North America. So actually, if we see Standard withium become

0:12:43.080 --> 0:12:46.320
<v Speaker 1>successful with their demo plant in the US, and other

0:12:46.400 --> 0:12:50.000
<v Speaker 1>projects become successful, then all of those projects will add

0:12:50.040 --> 0:12:52.880
<v Speaker 1>to that five percent and will include them in this

0:12:53.000 --> 0:12:56.240
<v Speaker 1>forecast that we do for supply. But even then that

0:12:56.480 --> 0:13:02.760
<v Speaker 1>five percent out to is a pretty decent amount considering

0:13:02.880 --> 0:13:05.800
<v Speaker 1>that most of the growth in the market today is

0:13:05.840 --> 0:13:09.840
<v Speaker 1>coming from conventional resources that are really big in Australia

0:13:10.040 --> 0:13:14.280
<v Speaker 1>and in Latin America and that can expand for relatively

0:13:14.360 --> 0:13:18.600
<v Speaker 1>cheap because their production costs keep getting lower. As as

0:13:18.600 --> 0:13:21.760
<v Speaker 1>it expand, so it's just economically a no brainer for

0:13:21.840 --> 0:13:25.760
<v Speaker 1>them in many cases. The other side of it is

0:13:25.800 --> 0:13:29.600
<v Speaker 1>that if withinum prices keep coming down, it might become

0:13:29.960 --> 0:13:34.319
<v Speaker 1>really difficult for new projects, especially projects that require new

0:13:34.360 --> 0:13:37.840
<v Speaker 1>technologies and a lot of testing to come online. So,

0:13:38.080 --> 0:13:41.360
<v Speaker 1>for example, with what we call petrolithium or withinum from

0:13:41.400 --> 0:13:45.040
<v Speaker 1>oil field brands. In the note, we forecast that today

0:13:45.400 --> 0:13:49.560
<v Speaker 1>actually very very few old oil field brands would be

0:13:49.600 --> 0:13:54.080
<v Speaker 1>economically viable because prices are so low. Who stands to

0:13:54.120 --> 0:13:58.200
<v Speaker 1>benefit most from this growth and unconventional resources? I think

0:13:58.200 --> 0:14:00.720
<v Speaker 1>actually the people who can bend if it the most

0:14:00.840 --> 0:14:05.280
<v Speaker 1>are auto manufacturers because it means that they will have

0:14:05.400 --> 0:14:09.280
<v Speaker 1>supplied closer to them and it will be less risky

0:14:09.320 --> 0:14:13.040
<v Speaker 1>to make contracts for lithium. It also means that potentially

0:14:13.080 --> 0:14:16.000
<v Speaker 1>costs can go down because a lot of the transportation

0:14:16.080 --> 0:14:20.240
<v Speaker 1>positive costs, everything related to you know, getting with him

0:14:20.320 --> 0:14:23.120
<v Speaker 1>all the way from China instead of California, if you're

0:14:23.280 --> 0:14:26.360
<v Speaker 1>Tesla and Nevada, all of that will change and they

0:14:26.400 --> 0:14:31.360
<v Speaker 1>can potentially even invest in lithium assets that are closer

0:14:31.400 --> 0:14:34.160
<v Speaker 1>to them because it's less risk. Have you seen that

0:14:34.360 --> 0:14:36.280
<v Speaker 1>or are they taking more of a watch and see approach.

0:14:36.440 --> 0:14:38.880
<v Speaker 1>It's more of a watch and c approach today for

0:14:39.040 --> 0:14:44.240
<v Speaker 1>lythium since it became oversupplied quite quickly since this whole

0:14:44.320 --> 0:14:49.160
<v Speaker 1>electrification story came along. I think auto manufacturers are not

0:14:49.360 --> 0:14:52.800
<v Speaker 1>as worried as for other metals like cobalt and nicol.

0:14:53.000 --> 0:14:57.560
<v Speaker 1>But we have seen rumors from time to time where

0:14:57.800 --> 0:15:01.640
<v Speaker 1>auto manufacturers say they're going to invest. For now, that's

0:15:01.720 --> 0:15:05.320
<v Speaker 1>probably not their priority, so we don't think that will

0:15:05.360 --> 0:15:09.640
<v Speaker 1>happen soon. What's the next unconventional project to go online?

0:15:09.640 --> 0:15:12.280
<v Speaker 1>Do you think? For claim, the most advanced projects is

0:15:12.320 --> 0:15:17.400
<v Speaker 1>the Sonora project from BAA in Mexico. They're pretty advanced

0:15:17.440 --> 0:15:20.600
<v Speaker 1>in their construction and we think they'll come online the

0:15:20.680 --> 0:15:24.640
<v Speaker 1>soonest of all unconventional projects after that. If you talk

0:15:24.680 --> 0:15:29.000
<v Speaker 1>about oil field Brian's, it's probably going to be standard clithium.

0:15:29.240 --> 0:15:34.160
<v Speaker 1>Actually this week, a few days ago, they fully commissioned

0:15:34.160 --> 0:15:38.120
<v Speaker 1>their demo plant, and that means that if it's successful,

0:15:38.280 --> 0:15:40.960
<v Speaker 1>it will not only lead them to finance and invest

0:15:41.280 --> 0:15:44.240
<v Speaker 1>the full plant that they're planning for a few years

0:15:44.240 --> 0:15:47.360
<v Speaker 1>from now, but it will also signal to the market

0:15:47.480 --> 0:15:51.760
<v Speaker 1>that these like direct liium extraction technologies are viable and

0:15:51.760 --> 0:15:55.000
<v Speaker 1>that you can partner with companies and be more creative

0:15:55.040 --> 0:15:59.280
<v Speaker 1>about how you extract with them this demo plant. Yeah,

0:15:59.440 --> 0:16:03.520
<v Speaker 1>it'll be a very cool part for innovation in the

0:16:03.600 --> 0:16:07.800
<v Speaker 1>lithium market. Since for minors, innovation is not their strong suit,

0:16:07.880 --> 0:16:10.440
<v Speaker 1>they'll go with the conventional of the tried and true.

0:16:10.960 --> 0:16:12.800
<v Speaker 1>So to close this off, is there anything that was

0:16:12.800 --> 0:16:14.920
<v Speaker 1>surprising or interesting that you'd like to dip into that

0:16:14.960 --> 0:16:17.840
<v Speaker 1>we haven't yet. Yeah. So the main reason why we

0:16:18.120 --> 0:16:21.640
<v Speaker 1>devoted our time to this research on unconventional resources that

0:16:21.680 --> 0:16:25.520
<v Speaker 1>are still so new to the market and so risky

0:16:25.640 --> 0:16:30.480
<v Speaker 1>potentially not coming online, is because we kept getting client questions,

0:16:30.640 --> 0:16:34.520
<v Speaker 1>especially about lithium from oil field brands, which is a

0:16:34.560 --> 0:16:38.760
<v Speaker 1>great story because oil companies could shift to lithium and

0:16:38.840 --> 0:16:43.760
<v Speaker 1>produce lethium as well. However, a really surprising realization that

0:16:43.840 --> 0:16:47.240
<v Speaker 1>came really early on in the research actually is that

0:16:47.480 --> 0:16:52.120
<v Speaker 1>oil field brands are not viable, and not because of technology.

0:16:52.160 --> 0:16:55.440
<v Speaker 1>That technology might end up working, there's a few companies

0:16:55.520 --> 0:16:58.680
<v Speaker 1>testing it and having good results, but rather because of

0:16:58.720 --> 0:17:02.400
<v Speaker 1>the economics because lithium prices have gone down so much

0:17:02.920 --> 0:17:06.600
<v Speaker 1>in the last two years. So we think that Petro

0:17:06.720 --> 0:17:11.160
<v Speaker 1>lithium or earlithium from oil field Briand's and also relatedly

0:17:11.440 --> 0:17:15.160
<v Speaker 1>from geothermal might be more risky than than for clay.

0:17:15.359 --> 0:17:18.040
<v Speaker 1>And that doesn't mean that we shouldn't invest in these

0:17:18.080 --> 0:17:21.520
<v Speaker 1>technologies or in these resources. It just means that less

0:17:21.760 --> 0:17:26.400
<v Speaker 1>of the global resources, global oil fields, global geothermal fields

0:17:26.480 --> 0:17:31.280
<v Speaker 1>might be viable for lithium extraction. Another really interesting realization

0:17:31.840 --> 0:17:36.040
<v Speaker 1>was actually the fact that North America has so many

0:17:36.240 --> 0:17:40.119
<v Speaker 1>unconventional resources, and that means that if they were to

0:17:40.160 --> 0:17:44.400
<v Speaker 1>rely only on conventional resources, they can't really supply their demand.

0:17:44.640 --> 0:17:47.840
<v Speaker 1>But if they push for ound conventional resources, they might

0:17:47.880 --> 0:17:51.639
<v Speaker 1>become actually quite independent from other countries to source their

0:17:51.720 --> 0:17:55.040
<v Speaker 1>lithium and they could become an important focal point for

0:17:55.080 --> 0:17:59.520
<v Speaker 1>the market. So it would be very interesting that as

0:17:59.600 --> 0:18:03.439
<v Speaker 1>the auto manufacturers start to pick up as demand starts

0:18:03.440 --> 0:18:05.960
<v Speaker 1>to pick up for electric vehicles in the US, they're

0:18:06.040 --> 0:18:10.480
<v Speaker 1>also able to source there with him locally and therefore

0:18:10.560 --> 0:18:14.159
<v Speaker 1>even reduce the emissions the life cycle emissions related to

0:18:14.200 --> 0:18:17.920
<v Speaker 1>electric vehicles shortened. The supply change reduce the risk for

0:18:18.000 --> 0:18:22.080
<v Speaker 1>auto manufacturers potentially even decreased prices, which are a huge

0:18:22.160 --> 0:18:26.880
<v Speaker 1>cost component for batteries in cars. Okay, so North American

0:18:26.960 --> 0:18:30.400
<v Speaker 1>Clay could be the future. Everybody, Sharon, thanks for coming

0:18:30.400 --> 0:18:39.159
<v Speaker 1>in today. Thank you. Mark. Bloomberginn ea F is a

0:18:39.200 --> 0:18:42.040
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0:18:42.119 --> 0:18:44.880
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0:18:44.920 --> 0:18:48.800
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0:18:48.840 --> 0:18:52.040
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0:18:52.040 --> 0:18:55.280
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0:18:58.760 --> 0:19:01.840
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0:19:01.880 --> 0:19:04.879
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