Uranium Resources, Inc. is unique among U.S. uranium companies in that we are currently mining and selling uranium from our south Texas facilities. Since our founding in 1977, we have produced well over seven million pounds of uranium and we continue to produce at a rate of 400,000 pounds annually, primarily from our facility at Kingsville Dome. We expect to soon have our Rosita facility producing again, as it did between 1988 and 1999 and we are exploring other opportunities in Texas which will enable us to achieve our overall goal of producing between one and two million pounds of uranium in Texas each year using in-situ mining methods.
While Texas production will continue to significantly contribute to our overall performance, our New Mexico properties are the future of the Company. We own over 183,000 acres in the state's Grants region with over 91.7 million pounds in mineralized uranium material. Long-term, our goal is to produce eight million pounds of uranium each year from our New Mexico assets, although we are currently not producing here. We plan to achieve this production goal utilizing the most efficient and economic mining methods available, including in situ recovery and conventional mining and milling.
Along with acquiring properties at Church Rock, Roca Honda, Nose Rock, West Largo and Crown Point in New Mexico over the past 20 years, we gained an extensive database of over 16,000 drill logs, mine reserve estimates, mine development plans and mill designs. We are mining this invaluable information database today and are confident it contains many of the keys to achieving our production goals. We are also working with independent geologists and mining experts to further evaluate our New Mexico properties.
At our Church Rock site in New Mexico, we have established a partnership with Itochu Corporation, one of Japan's largest corporations, to evaluate and develop the site's significant mineralized uranium material. The other properties in New Mexico are being similarly evaluated with the intent to begin development and production at these properties as well. We are also evaluating potential joint ventures to take advantage of New Mexico's significant uranium potential.
The only significant commercial use for uranium is as a fuel for nuclear power plants for the generation of electricity. According to the World Nuclear Association, there were 435 nuclear power plants operating in the world at the end of 2006 with an annual consumption of more than 170 million pounds of uranium. Worldwide production of uranium falls significantly short of consumption and the gap between production and consumption has been filled by secondary supplies, such as inventories held by governments, utilities and others in the fuel cycle, These secondary supplies are currently meeting nearly a third of worldwide demand, but as they are depleted future production will have to rise closer to demand. Spot market prices have reacted accordingly, more than doubling in 2006. Current conditions in the uranium industry are truly favorable for companies that can explore, develop and produce uranium. Uranium Resources is well-positioned to take advantage of this situation.
Uranium Resources, Inc. has two wholly-owned subsidiaries that are the operating arms of the corporation - URI operates ISR facilities in Texas, and HRI Energy, Inc. operations are in New Mexico.