Cameco Canada mines uranium and sells it to Cameco Switzerland at the 1999 price. The uranium never physically travels through Switzerland.
Cameco Switzerland processes the paper to sell uranium at market price to customers around the world.
The profits are recorded and taxes paid in Switzerland.
Saskatchewan may have missed out on $300 million in corporate tax
One of the largest companies in Saskatchewan is in the midst of a multi-million dollar tax court battle with Canada Revenue Agency (CRA).
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.