SASKATOON- Cameco Corp. (TSX:CCO) 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 US$122,000 instead of an originally proposed charge of US$122 million.
Cameco disclosed the settlement as it reported a loss of C$2 million for its latest quarter compared with a loss of C$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 C$44 million or 11 cents per share for the quarter compared with a loss of C$57 million or 14 cents per share in the same quarter last year.
Revenue in the quarter totalled C$470 million, up from C$466 million.