Cobalt Blue (ASX:COB) has released cost estimates for what it would take to get its proposed Kwinana refinery off the ground – seeing CapEx of $60M. The COB stock price staged a modest jump in pre-lunch trades. While the company sees a $60M upfront spend (including a “15.5% contingency”), stage one of the project is valued at only $68M. Its internal rate of return would be 23% post-tax. Stage two of the project would require an extra $23M and would bring the total project value to $90M. Combined value sits at $158M with $46M EBITDA per year. How, exactly, the company would break up its EBITDA …