The tragedy at the Fukushima Daiichi nuclear power plant in Japan, which was caused by the country's largest recorded earthquake in March 2011, tanked the uranium sector. Following the tragedy, Japan shuttered all of its nuclear reactors, and other nations took similar measures. Uranium's demand consequently plunged.
Cameco Corporation (NYSE:CCJ) and Kazakhstan's Kazatomprom, the world’s largest uranium producers, later intervened to reduce output to limit supply and sustain prices as the value of uranium continued to decline.
