Qatar's sovereign wealth fund said it will only invest in French nuclear group Areva's capital increase if it can convert that investment into its mining division, possibly delaying negotiations.
The Qatar Investment Authority, along with French utility EDF and Japanese group Mitsubishi Heavy Industries, is in talks to invest £1.5-3bn ($2.0-4.1bn) in Areva to help it fund international expansion.
The QIA has told the French government, which is piloting talks on the investment, it will only invest in Areva's nuclear activity if it can later invest it in its uranium mining business, French daily Les Echos reported.
"They want to invest in the parent company only if they have the assurances of the state to convert some or all of their participation into the mining division," said a source close to the negotiations.
Till now the QIA was considered the most solid potential investor in Areva, according to the paper, and was seen taking up to a 10 percent stake.