That's an asian guy in what was called the Crimson Dynamo armor during production of the first Iron Man. The late great Stan Winston calls it the Crimson Dynamo armor in one the behind-the-scenes segments.
It obviously became the Iron Monger armor. They redesigned the helmet (not pictured amusingly) to be more evocative of the Mk 1 suit. It was originally more slit-eyed. I think they also changed the back pistons or whatever they were called.
It took me a few searches to find the image. I think Marvel may have quietly retracted this particular picture from various places on the internet. It was consistently absent from sites showing the concept art.
It was a better idea overall to remove Mandarin from the first Iron Man. If I recall correctly they reimagined him as a rich playboy like Tony but who did terrorism on the side to fund his company and quench his thirst for global domination