An estimated 400 kilometers (250 miles) of broad-gauge track would be laid from Kosice, Slovakia to Austria, the ministry said, adding construction work could start in 2023.

"Austria is the logical place for the completion of the Trans-Siberian Railway. Transsib will get access to the European railway network, shipping and to Vienna airport," said Transport Minister Jorg Leichtfried.

According to the ministry, the project which is estimated to cost $6.5 billion could boost the Austrian economy, and create 127,000 jobs.

It added European Union sanctions against Russia would not hinder the project since the EU advocates the extension of the railway.

The new route will not only make the transportation of containers to Central Europe more ecological but also significantly accelerate freight traffic. Using the new rail link containers to Austria could be transported in 10-15 days, instead of the current 30 days by ship.

"I want to make Austria a logistical link in Europe," said Leichtfried.

In 2009, railway companies in Russia, Ukraine, Slovakia, and Austria decided to extend an existing broad-gauge rail line which could allow trains to travel from Vienna to Russia's Vladivostok.

According to the Russian trade representative in Austria Alexander Potemkin, the "broad-gauge" should become the most efficient transportation route within the so-called Great Silk Road.

The famous Transsib railway, connecting Europe and Asia, was built between 1891 and 1916. It is the longest railway line in the world at 9,289 kilometers (5,772 miles) spanning eight time zones. Transsib has branch lines into Mongolia, China, and North Korea.

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ADRs of the Melbourne-based giant was unchanged in after hours following a 1.3% gain during regular trading. The stock (NYSE:BHP) is up 14.3% in value this year for a market capitalization of over $102 billion.

But even those stellar numbers were below analysts' forecasts, as was the company's full year dividend of US$0.83 cents per share, equivalent to a 66% payout ratio after its final payout was tripled to $0.43c.

Net debt was reduced by 37% or nearly $10 billion to $16.3 billion. The company said it expects to allocate less than $8 billion per year over the next three years on capital and exploration expenditure.

BHP has come under pressure this year from shareholders led by Elliot Management to get out of its underperforming US oil and gas business it acquired six years ago for more than $20 billion, but which could fetch only around half that today.

In its results presentation BHP said it now considers onshore oil and gas in the US "non-core" assets and is "actively pursuing options to exit" the business including through a trade sale, an asset swap, demerger or a separate listing.

The company is working its assets hard and cut costs across its operations during the year by $1.3 billion. Over the last five years savings of more than $12 billion was achieved according to the company and it expects to deliver a further $2 billion by the end of the 2019 financial year with "gains weighted to the second year."

Thanks to rising prices and record volumes, iron ore now makes up 44% of the company's earnings (EBITDA), coal and petroleum each make up a fifth and copper the remainder.

BHP managed to cut costs at its iron ore division in Western Australia and elsewhere by 3% to just $14.60 a tonne compared to today's price of $78 a tonne. The company said by the end of 2019 it plans to push costs below $13 a tonne.

Copper performance was impacted by a 43-strike at its 57% owned Escondida copper mine in Chile during February and March which upped costs 7% to $1.28 a pound. Copper was trading at $3.00 a pound in New York on Monday.

Last week BHP greenlighted the long-awaited $2.5 billion expansion of its Spence copper mine in Chile, which will add another 50 years to the operation’s life.

Mentioning about his working tour to localities in accordance with an initiative on the SME development, J.Bat-Erdene MP pointed out that many people in aimags are waiting for developing domestic production and such programs.

“Domestic production could be boosted in localities. In believe when families are capable and people are rich, the country develops rapidly. The Mongolian People’s Party reflects in its election program an implementation of the ’21:100’ program,” said J.Bat-Erdene MP, and then asked the Premier to pay attention to this matter.

In response, the Prime Minister said the government is taking a certain measure for developing production in localities in scope of the “21:100” program. He underlined the importance of the MP’s proposal and role in realizing the plan.

“This program will augment job places and make people employed and paid. Our government is focusing attention to boosting small- and middle-sized production,” the Premier said.

The parties discussed a process of research for the EPA establishment at their the meeting which was co-chaired by V.Enkhbold, director of the Foreign Ministry Department of Foreign Trade and Economic Cooperation; and Lee Jae-Young, the vice-president of the Korea Institute for International Economic Policy (KIEP).

Following the meeting, D.Davaasuren, the State Secretary of the Foreign Ministry, received the researchers, and exchanged views with them on the course of research and pending outcome.

The joint group’s next meeting is expected to be held on September 21 in Seoul, South Korea.

Sempra will pay approximately $9.45 billion in cash to acquire EFH and and its ownership in Oncor, and will assume Oncor’s debt. The deal marks a surprise turnround after Warren Buffett’s Berkshire Hathaway looked to buy the group in an an $18bn pact. The FT reported early on Monday that Sempra was set to clinch the deal.

Sempra said it would fund the deal using a mixture of debt, equity, and $3bn of investment grade debt at the reorganised holding company, and it expects Oncor’s “underlying financial strength and credit ratings” to improve after the deal.

At the completion of the transaction, Bob Shapard, Oncor’s chief executive, will become executive chairman of the Oncor board of directors and Allen Nye, currently Oncor’s general counsel, will succeed Mr Shapard as Oncor’s CEO.

The deal is expected to close in the first half of 2018, and should be accretive to earnings from next year.

“Both Sempra Energy and Oncor share more than 100 years of experience operating utilities that deliver safe, reliable energy to millions of customers,” said Debra Reed, chairman and chief executive of Sempra Energy. “With its strong management team and long, distinguished history as Texas’ leading electric provider, Oncor is an excellent strategic fit for our portfolio of utility and energy infrastructure businesses.”

Furthermore, the Foreign Minister will be attending Forum for East Asia-Latin America Cooperation (FEALAC) which is expected to take place in Busan, Republic of Korea between August 30 and September 1.

The Ministry of Foreign Affairs informed to be preparing for the 72nd session of the UN General Assembly, which will be taking place in the United States on September 19-24.

Accordingly, Foreign Minister Ts.Munkh-Orgil is planning to organize the first forum between Mongolia and Eurasian Economic Union member countries within the frameworks of the policy on increasing foreign trade and investment. As well as a meeting of research team for establishing Free Trade Agreement between Mongolia and the Republic of Korea and trilateral analysts’ meeting between Mongolia, PRC and Russian Federation on the “Economic Corridor Program”.