Saskatoon-based Cameco corporation says it is pleased with a recent federal tax court ruling.

The company says the court has ruled in its favour in an ongoing dispute with the Canada Revenue Agency.

The dispute revolves around how sales and purchase agreements by Cameco to its foreign subsidiaries are actually taxed.

The disagreement had caused the CRA to issue reassessments for the years 2003, 2005 and 2006.

CEO Tim Gitzel says the company is extremely pleased with the federal tax court’s decision.

“Well it’s certainly a great day for our company and especially for our employees,” he says. “You know we’ve been through a lot over the last several years, including this tax cloud hanging over the company and our team, and yesterday when we got the decision, I can tell you that we were delighted to see that cloud had lifted and moved away.”

Cameco shares immediately spiked in price after the court decision came down.

The CRA now has 30 days to appeal the federal tax court’s decision.

(PHOTO: McArthur River uranium mine. Photo courtesy of Cameco.)