Mundine’s “uranium” company a failure after 20 years

ANTHONY KLAN

The value of Warren Mundine’s international “uranium exploration” company has collapsed by half as it bleeds millions of dollars a year of investor funds.

Investigations show Aura Energy — of which anti-Indigenous Voice campaigner Mundine is a director — has never made a cent of profit in its 20-year history.

That’s despite the ASX-listed company publishing positive announcements over two decades.

Over $55 million dollars has been lost by investors to date.

Shares in Aura Energy — which says it has “major uranium and polymetallic projects in Africa and Europe” — are trading at 13c, crashing exactly 50 per cent over the past 12 months.

Mundine, who last month failed in a bid to be pre-selected to run as the Liberal Party’s candidate for the Sydney seat of Bradfield, has been a highly vocal advocate for the introduction of nuclear power in Australia.

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Aura Energy’s share price has crashed 50 per cent in the past 12 months. Source: Market Index

The Coalition is pushing for nuclear power plants, despite nuclear being twice as expensive as firmed renewables, and that no plants could be operational until at least 2040.

Nuclear “small modular reactors”, spruiked by Peter Dutton, would cost almost four times as much as firmed renewables, shows analysis by national  science agency the CSIRO and the Australian Energy Market Operator (AEMO).

Globally, the share of electricity from nuclear power has plunged over the past 20 years, falling from 15.6 per cent of energy production in 2003 to 9.1 per cent in 2023.

During the same period energy from renewables has surged, from 17.4 per cent in 2003 to 30.2 per cent in 2023.

The Coalition’s nuclear policy has been widely criticised by experts, with the policy viewed as a ploy to stymie the growth of cheap firmed renewables and extend the life of fossil fuels.

The global share of electricity produced by nuclear power has slumped over the past 20 years. Source: Ember(2024); Energy Institute – Statistical Review of World Energy (2024)

Mundine has been a director of Aura Energy since 2021.

He and Aura Energy have repeatedly refused to comment when approached by The Klaxon.

Mundine was defeated in the Liberal Party Bradfield pre-selection by Gisele Kapterian, a former political staffer.

Responding to his loss, Mundine said there was “no doubt” Kapterian had won because she was a woman, drawing a public rebuke from Kapterian, the ABC revealed.

“I think to suggest I was selected for any reason other than on my merit is disrespectful not only to me and my preselectors, but also for the process itself,” Kapterian told the ABC.

Aura Energy has never made a cent of revenue and posted consistent losses over its two decades in existence. Source: Aura Energy. Graphic: The Klaxon

Aura Energy continues to lose investors millions of dollars a year, with $55 million lost to date. Source: Aura Energy. Graphic: The Klaxon

Mundine and Liberal Senator Jacinta Price were the faces of the “No” campaign against the Voice, which was run by secretive lobby group “Advance”.

Advance spread racism and disinformation about the proposal, which was defeated despite Indigenous Australians voting overwhelmingly in favour.

The Voice would have given Indigenous Australians more say over issues affecting them, although government would not have been required to follow any of its recommendations.

Including the body in the constitution would have meant it could not easily be disbanded by future governments.

While nuclear power in the energy mix has slumped, renewables have soared. Source: Ember(2024); Energy Institute – Statistical Review of World Energy (2024)

Mundine and Price aggressively campaigned against so-called “elites”, while Advance claimed to be a “grassroots campaign” of “Ordinary Aussies” and campaigned against the “inner-city woke”.

As previously reported, it was actually bankrolled by a handful of mega-millionaires — many with deep ties to the fossil fuels industry.

One of the biggest impediments to fossil fuels globally has been Indigenous land rights.

Mundine posts to social media in April last year. Source: Twitter/X

Mundine is also chairman of “minerals exploration” company Fuse Minerals, which has also never earned a cent of profit.

Last year the company was forced to scrap a $10m initial public offering and ASX-listing after it was shunned by investors.

Despite repeatedly extending the offer period, Fuse Minerals had raised just $1.86m by January last year and was forced to return funds to investors.

Nuclear “small modular reactors” cost four times more than firmed renewables. Source: The Klaxon

Mundine began heavily spruiking Fuse Minerals and the IPO weeks after the October 2023 Voice referendum.

“Warren Mundine recently announced the IPO launch through a tweet, where he emphasised his strong belief in mining for the prosperity of Australians,” Fuse Minerals said at the time.

Mundine was to have been paid $120,000 a year for the part-time role of Fuse Minerals chair had the IPO been successful.

He is paid $40,000 a year as Aura Energy director.

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