Work on the initial public offering of Navoi Mining & Metallurgical Co. has been paused, according to people familiar with the matter, as the Uzbek government weighs the right moment to list one of the world’s largest gold miners.

The IPO was expected to take place on the London and Tashkent exchanges. It is not clear when or if work is likely to restart, the people said, asking not to be identified because the information isn’t public.