Whether SYAQ's profits are distributed probably doesn't concern...

Whether SYAQ's profits are distributed probably doesn't concern PLL. I mean most of their profit from this JV early days will come from the sale of their spod that they'll make 5x on. Their share of the 25% of JV money becomes almost irrelevant, so it can be re-invested into the JV for the future.

As for the refinery debate and what PLL would want to do. There are more mines than refineries - and the refineries cost a lot more to set up. So even if it meant a lesser profit for PLL, wouldn't agreeing to the refinery safeguard them for the future, as other Li mines will come on board and therefore possible affect the price of spod ?