Cameco’s tax dispute with the United States Internal Revenue Service has been settled.
The original ask was $122-million from the Saskatoon-based uranium mining company but instead, Cameco will pay $122-thousand.
President and CEO Tim Gitzel believes this confirms that the company’s structure and transfer pricing arrangements are appropriate.
The court case with the Canada Revenue Agency is on-going.
Both sides have presented evidence, with the final arguments scheduled for September and then it’s up to the judge, which Gitzel estimates could be anywhere from 6 to 18 months after that.
Cameco released its second quarter report on Thursday which shows the uranium spot price down 13 per cent compared to last year.
Gitzel says that means a weaker outlook for this year in difficult market conditions.