ALMATY, Sept. 25 (Xinhua) -- Kazakhstan's national atomic company Kazatomprom has forecast a structural deficit in the global uranium market by the mid-2030s, the Interfax-Kazakhstan news agency said Thursday, citing Kazatomprom First Deputy CEO and Chief Financial Officer Marat Tulebayev.

"By the mid-2030s, around 2035, we will face a structural uranium deficit. To meet this unmet demand, we would need at least another Kazatomprom, which is impossible," Tulebayev said at this year's World Atomic Week forum.

Tulebayev further said that Kazatomprom has long served as a key low-cost supplier, ensuring energy security for nuclear power-producing nations.

He noted that the lowest-cost uranium deposits have already been developed and are growing scarce. "The era of cheap uranium with low production costs is fading," he said.

This trend, Tulebayev added, is reflected in both long- and short-term forecasts. "Despite volatility in the spot market, we have seen a price surge over the last two weeks, which shows how these factors are impacting the market," he said.

Kazatomprom is engaged in uranium mining, rare metals processing, and the production and sale of beryllium and tantalum products. ■