Alarm bells are ringing on the uranium supply side, with a high level of depletion of existing mines and uranium depositis.

In an annual report this week, the world’s largest nuclear power industry company ROSATOM, raised that it was concerned by the lack of supply for uranium.

The Russian giant warned of a decrease in uranium output from mines across the world. 

In the operating results published this week suggested that the quality and quantity of uranium coming from existing mines is on the decline.

“The decrease in output was caused by a high level of depletion of existing mines and deposits,” the company said.

The company said the output of uranium in the previous year fell “due to the annual depletion of economic uranium reserves,” in Russia and Central Asia.

The insights suggest that global reserves of high-quality uranium could be in serious jeopardy and new mines and discoveries will need to come online to meet future demand.

The news is even more alarming as global leaders are pledging to triple nuclear energy output by mid-century.