General Discussion Topics, page-118883

Is that a trick question?

If you can co-locate a refinery on a mine site (like say Carolina Lithium or NAL) then by all means do so. If you can locate it nearby (like say James Bay mines to Becancour refinery ... or maybe Moblan to Amos) then do so. Easier to move Carbonate around from Brines and clay though.

If you have a producing mine without a refinery (half buit or otherwise) then it is a simple economic decision. Chris Ellison ought to have taught you that by now. If the economic return from a midstream product is better than the primary product, produce and sell that - but consider all options. Refinery margins are below mining margins (presently). The integrated player captures most of the margin. You have only got to look at Natural Gas and LNG projects to see how that works in practice.

NAL is more complicated and you know that already. Not going to say why because you know why already as its been ranted about for a long time.