Re KDR Chart, page-640

The mine is set to begin construction in August, based on the last info I saw. So you would expect spodumene to be coming out next year, and then the refinery to be up and running late 2020/early 2021.

As for your other question, we invest this early because we're willing to accept the risk that something will go wrong in the intervening time. If you only wait until they start producing, every man and his dog will be buying, and it is harder to make money.