Kazatomprom, the world’s largest uranium producer, has confirmed it will not be able to meet its previous production forecasts and has warned that the world may not have enough uranium production to meet global demand after 2030.

Chief executive officer Meirzhan Yussupov noted in the company’s 2023 financial report that Kazakhstan accounts for about 40% of the world’s uranium production on an annual basis and that at least every third nuclear reactor in the world runs on Kazakh uranium.

State-owned Kazatomprom saw a jump in full-year profits while revenue beat guidance on rising uranium prices, and said global output will not cover market needs this decade.