Posted August 28, 2018 09:11:20A new company called Crystal Mining is set to set up in Australia, according to the Australian Securities Exchange (ASX).
Crystal Mining has an ambitious vision to become the world’s largest crystal mining company by 2025, with the goal of producing up to 1.5 million tonnes of pure crystal each year.
Its chief executive, Daniel Lee, said in a statement that the company is now focusing on the mining of rare elements and minerals.
“Our focus is to mine rare elements, rare minerals, rare plants and rare animals,” Lee said in the statement.
“We have the world-class technology to do this.
It is our vision and visionaries are leading the way.”
Lee’s firm, based in Sydney, said the company will be the largest private-equity firm in Australia.
Lee said Crystal Mining’s plans are based on a business model called “crowd-sourced” investment.
That is when investors come together to invest in a business and then use the investment to buy shares of the company, and a portion of the profits from the share sale.
“It is very important that the people involved are committed to the project,” Lee told Business Insider in a video interview.
“The community that we want to get involved in the business is very small, so there are a lot of people that are not involved in it, but we have a very good relationship with them.”
Lee said his company will have “no liabilities or contingent liabilities”.
The company said it would use its shares to fund the construction of a mining facility and that the project would create up to 2,000 jobs, and the construction will be completed by 2021.
The company has been active in Australia for several years, with its shares rising more than 50 per cent in 2017 alone.
The firm was set up by Lee and his brother, Paul, in January 2017.
Lee said the two have been working on the project for two years and are ready to move forward with it.
“My brother and I have a good relationship, we have had a very positive experience with the investors, the investors have been very supportive,” Lee added.
Lee told Business Insiders the company plans to employ up to 100 people at its facility in Melbourne, and that it expects to open the facility by 2022.
The Australian Competition and Consumer Commission is investigating the company’s activities.
“As an Australian company, we are keen to share the world with other companies and we look forward to continuing to work with our Australian investors to build a successful business in the future,” Lee’s statement read.
Lee, who has a net worth of more than $4 billion, is the son of businessman John Lee.
He previously worked at an Australian conglomerate, with his father, as a consultant, and in the mining industry.