Ann: Japanese Consortium Update on Progress on KNP Goongarrie Hub, page-10

I had wondered for a while how cohesive the JDT were, in the early days of their due diligence exercise and negotiations with ARL.
References made about them as the JDT might have inadvertently misconstrued the trio as a where-we-go-one-and-we-go-all team

My take:

Mitsui is not part of the Sumitomo Mitsui Financial Group.
Mitsui, Sumitomo, etc, just like the ubiquitous unpatented names Queensland, Australia, Singapore, India, etc., are monikers used by many companies.

Mitsui is into investment holdings. Its largest shareholders (direct and indirect) are Berkshire Hathaway, Nomura, Black Rock and Vanguard.
In turn Nomura's shareholders include Black Rock and Vanguard. (source: MarkerScreener.com)
These two seem to have their fingers in many pies, again directly or indirectly, and via multiple layers of corporate connections. Given the global reach of their investment tentacles, referring to them as institutional and sophisticated investors is an understatement.

The Big Two probably want some form of corporate leverage on the BOD, or control over the mineral resources.
They very likely think BIG, BIG, BIG picture, and ARL is probaby just another useful pawn to be moved about on the international business chessboard.
That investment philosophy would doubtless be a poor fit with ARL's more down-to-earth philosophy regarding inclusive retail shareholders' participation (assuming Red's impression on ARL's BOD remains accurate).

I'll leave it to other LT shareholders to make their own conclusions.
Just a heads up that it would be unwise to smear Mitsui. It is a very powerful company within its own sphere and has bountiful legal resources.

The due diligence and negotiations continue to progress with SMM and Mitsubishi, who have direct hands-on involvement in mine development and business set-up. Based on this interpretation, I now wonder what was Mitsui's substantive role in the exercise over the past 6 months?

Given my perspective on the situation, I don't feel that it is to ARL's detriment that Mitsui has withdrawn from the negotiations.