Cameco Corp. CCO-T says it expects to receive a refund of about $300-million after the Canada Revenue Agency issued revised reassessments for the 2007 through 2013 tax years.
The refund includes $89-million in cash and $211-million in letters of credit, which the company had remitted based on prior reassessments CRA issued in a long-standing tax dispute.
Cameco says the timing of the refund has not yet been determined.
The uranium miner has been tied up for years in a dispute with the tax agency over a foreign subsidiary.
Cameco has won a series of court decisions for the 2003, 2005 and 2006 tax years, however issues remain for 2007 through 2013 and the company continues to fight with CRA over those years.
The company says CRA continues to hold $480-million, including $206-million in cash and $274-million in letters of credit, that it has remitted.