I think you may have missed an important point. KDR only has an option to own 50% of the Refinery.
From the announcement -: "Kidman will also have an option to participate for up to a 50% interest in a proposed refinery to produce lithium carbonate / hydroxide that will be underpinned by the Earl Grey resource at Mt Holland. Kidman will retain all gold rights at the Mt Holland project."
The estimated cost of this is $400-500million.
KDR Price at posting:
62.5¢ Sentiment: Hold Disclosure: Held