KIEV, Jan. 24 – Germany's Schmidt is planning to invest over EUR 245 million in the development of the Novodmytriyivske lignite field, the Kharkiv Regional Administration reported.

"A memorandum between Kharkiv Regional Administration, the National Academy of Science of Ukraine and Germany's Schmidt, which in its letter of guarantee said that the company is ready to finance the project, has been signed. Some EUR 245 million [could be invested] in the launch of development. Today a joint venture in Barvynske has been created, and it is planned to carry out exploration work in coming 1.5-2 years," reads the release.