home Equities Cameco settles U.S. tax dispute; narrows loss

Cameco settles U.S. tax dispute; narrows loss

Cameco Corp. says it has settled a tax dispute with the U.S. Internal Revenue Service that will see it pay far less than was originally proposed.

The uranium miner says it is required to pay $122,000 (U.S.) instead of an originally proposed charge of $122-million.

Cameco disclosed the settlement as it reported a loss of $2-million (Canadian) for its latest quarter compared with a loss of $137-million a year ago as it continued to face difficult market conditions.

On a per-share basis for the quarter ended June 30, the company said it broke even compared with a loss of 35 cents per share in the same quarter a year ago.

On an adjusted basis, Cameco says it lost $44-million or 11 cents per share for the quarter compared with a loss of $57-million or 14 cents per share in the same quarter last year.

Revenue in the quarter totalled $470-million, up from $466-million.

Source: The Globe and Mail

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