Cameco says it is receiving a substantial refund of $300 million from Canada Revenue Agency.

The refund is due to revised reassessments for the 2007 through 2013 tax years that will result in the company being refunded a total of approximately $300 million, consisting of $89 million in cash and $211 million in letters of credit.

Cameco says in a news release that the timing of the refund in this long-standing tax dispute has yet to be determined.

But it’s not over yet. The uranium mining giant based in Saskatoon says its broader tax dispute with CRA is ongoing and contends that the Canada Revenue Agency continues to hold a further $480 million, consisting of $206 million in cash and $274 million in letters of credit, that Cameco has remitted or secured to date, which is tying up a significant portion of the company’s financial capacity.

There had already been a serious of court decisions in Cameco’s favour for the 2003, 2005 and 2006 tax years which determined that the income earned by Cameco’s foreign subsidiary from the sale of non-Canadian produced uranium was not taxable in Canada.