Mongolia, which has a long border with China and offers important road and rail links to Russia and beyond, is set to become an important transportation “bridge” between Asia and Europe. Freight between China and Russia as well as China and Europe passing through Mongolia is set to rise as the route is considered by many as the most economically efficient route.

China aims to increase the volume of trade with Europe to USD 1 trillion by 2020 and to Russia to USD 200 billion. In this connection, China needs to secure faster trade routes. Container shipments travelling by sea are two to three times slower than by rail. China is, therefore focusing on developing rail and road transit between to and from Europe.

Lee is currently on trial for bribery, embezzlement and other charges amid a corruption scandal that led to the ouster and arrest of President Park Geun-hye. He became a board member in October as part of a broader initiative to improve corporate governance for the smartphones-to-biopharmaceuticals business empire, and his salary was published alongside other members.

The compensation disclosure, made via a regulatory filing, only applies for payments Lee received following his appointment to the board, and Samsung declined to comment on how much he was paid prior to the appointment - including whether he made more or less in preceding quarters than what was disclosed for the fourth quarter.

The 48-year-old executive's compensation package includes 476 million won in wages equivalent to three months' pay from October through December. A Samsung spokeswoman told Reuters that Lee chose not to receive any pay from Samsung Electronics following his Feb. 17 arrest.

South Korean companies are required to disclose compensation for executives who sit on the board and are paid at least 500 million won on an annual basis.

Chief Executive Kwon Oh-hyun was the top earner among the executives who sit on the board with a total compensation of 6.698 billion won. That compared with Apple Inc (AAPL.O) counterpart Tim Cook's 2016 compensation of $8.7 million.

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The compensation disclosed by Samsung is a very small fraction of Lee's net worth. According to Forbes, Lee is South Korea's third-richest person with $6.4 billion in total wealth that is mostly based on his stakes in Samsung affiliates such as Samsung C&T Corp (028260.KS) and Samsung Electronics Co Ltd (005930.KS).

Co-Chief Executive Shin Jong-kyun, who overseas the company's mobile and network businesses, saw his 2016 compensation fall to 3.986 billion won from 4.8 billion won a year earlier. The businesses under his remit oversaw the costly collapse of the fire-prone Galaxy Note 7 smartphones in October.

The project is developed by Sainshand Salkhin Park LLC, a special purpose limited liability company owned by French energy major Engie, the IFU, Ferrostaal Industrial Projects and a local partner. The total project cost is estimated at USD 120 million.

The project envisages erecting 25 wind turbines on government-owned land to the southeast of Sainshand city, in the Gobi region of Mongolia.

The EBRD said that this project will help Mongolia diversify its coal-dependent power sector and cut carbon dioxide (CO2) emissions by up to 5 million tonnes over its lifetime. It will also see a new private entrant in the local power sector, where assets are almost entirely state-owned.

The bank backed the Salkhit and Tsetsii wind projects in Mongolia in 2012 and 2016, respectively.

Worries about supply and stockpiles at record highs are worrying the market. According to estimates from Rio Tinto, world number two producer, 296m tonnes of additional seaborne supply have entered the market in the last three years.

The Melbourne-based diversified giant forecasts supply growth to slow but a further 100m tonnes from the world's top six producers are expected this year and next.
The potential reboot in Chinese iron ore production is the main source of uncertainty
It's not only low-cost miners from Brazil and Australia that are clouding the outlook, but domestic Chinese supply which have fallen by 140m tonnes from its peak to around 260m per year, but are now making a comeback:

"Additional capacity in Brazil and Australia is already reflected in iron ore prices, so the potential reboot in Chinese iron ore production is the main source of uncertainty and therefore the likely factor that will result in price volatility," Kellie Parker, Rio's managing director for planning integration and assets, told an industry conference on Wednesday.

BHP Billiton, the world's third-biggest iron ore producer, expects to see some idled iron ore capacity in China returning to the market, but could not estimate how much.

"We think if the price maintains the level that is attractive, you will see some (capacity return)," Edgar Basto, president of BHP's Western Australia Iron Ore Asset, told reporters at the same event.
Rio said with the release of its latest financial results that roughly 30m tonnes of Chinese supply had already come back online.

According to Umetal's survey of 42 ports in China, the total iron ore inventory scaled 130 million tonnes for the first time on record this week. But in terms of months of import cover stockpiles represent, the picture looks less dire as China-bound cargo volumes continue to rise.

Total imports for January-February climbed 12.6% to 175.3 million. Chinese imports of iron ore for the full year 2016 topped one billion tonnes for the first time. The 1.024 billion tonnes constitute a 7.5% increase over the annual total in 2015.