As of July 2014, the price of uranium concentrate remained near a five-year low, the uranium price having fallen more than 50% from the peak spot price in January 2011, reflecting the loss of Japanese demand following the 2011 Fukushima nuclear disaster.[29] As a result of continued low prices, in February 2014 mining company Cameco deferred plans to expand production from existing Canadian mines, although it continued work to open a new mine at Cigar Lake.[30] Also in February 2014, Paladin energy suspended operations at its mine in Malawi, saying that the high-cost operation was losing money at current prices.[31]