CBC News is reporting that Canadian uranium producer Cameco Corp.
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) is embroiled in a tax court battle with Canada Revenue Agency.
Cameco has publicly estimated that it could end up owing $800-850 million in Canadian corporate taxes for the years 2008 to 2012, if it loses the case.
CRA contends that the uranium giant set up a subsidiary in Zug, Switzerland for the purpose of avoiding taxes in Canada.
However, the Saskatchewan company’s CFO Grant Isaac is disputing the claim, according to CBC.
Cameco is the world’s leading uranium miner. Its stock price rose 0.40% Thursday to $20.16, leaving the company with a market cap of $8 billion, based on 395.5 million shares outstanding. The 52-week range is $23.49 and $16.50.