Im pretty sure in the last JORC update, MMX stated that they had...

Im pretty sure in the last JORC update, MMX stated that they had 149Mt of DSO - Haematite.

Against peer miners

Code DSO Market Cap Mkt Cap / DSO
AGO 54Mt $1.5b $28 / tonne
BCI 18Mt $0.2b $11 / tonne
MMX 75Mt $0.65b $9 / tonne

MMX is well below its peers, and this is only comparing haematite. Then it has all the magnetite plus the Ridley Project.

Another point.

Every investment decision should be made on its own basis.
ie. To own OPR or not would be based on whether OPR returns a high enough investment on the $4.3b outlay.

ie. Similarly the JEHP's decision to go ahead is based on whether it achieves the required rate of return.

Im sure if you ask anyone they will say the recent doubt cast around MMX is based on the OPR uncertainty, and not the viability of JEHP as a standalone project.

So, the fact that the Chinese are looking to fund OPR themselves suggests that they see OPR as a standalone project as being viable, so why would Mitsibushi and MMX value it any differently.

Disclaimer: The above represents my opinion only and should not be used as the basis to any investment or financial decision. Exercise your own due diligence always.