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