We will conclude the call with an opportunity for the questions and answers. If you don't have today's news release, it can be found on our website at www.uraniumresources.com.
As you are aware, we may make some forward-looking statements during the formal presentation and Q&A portion of this teleconference. Those statements apply to future events, which are subject to risks and uncertainties, as well as other factors that could cause the actual results to differ materially from where we are today.
These factors are outlined in the news release, as well as in documents filed by the company with the Securities and Exchange Commission. You can find those on our website where we regularly post information about the company, as well as on the SEC's website at sec.gov. So please review our forward-looking statements in conjunction with these precautionary factors.
So with that, I’d like to turn the call over to Don to begin the discussion. Don.
Thanks Debby. I too appreciate all of you participating this morning on this call and taking the time to hear an update about URI a and the various activities so far in 2012. Let me start with some of the macro issues and then I'll turn to the specifics. We are still encouraged that the Uranium market fundamentals remain strong for our industry. Although the Uranium spot prices still trading in the $50 to $55 range according to UX, we still see a steady, holding of that price pattern and what that tells us that we're not likely to see a return to sub-50 spot prices. That means that we can plan to move forward.
If you look at the base case uranium worldwide requirements, it's quite impressive in terms of growth. There will be increasing from a 173 million pounds U308 in 2012 to 224 mli pounds U308 by 2020 and if you take it all the way to 2030 we are up to 271 million pounds U308. By comparison, the world market production for 2012 from all sources such as new production, existing production, inventory drawdown, is estimated to be in the 180 to 195 million pound range comparable to those numbers that I just suggested with regard to growth. The 2011 world production was approximately 140 million pounds under the middle case scenario in that report.