It had been expected to list this month amid improving market conditions, having delisted in 2017.

The company had proposed an initial public offering on June 3, anticipating a main listing in London and a secondary listing in Moscow.

"Recent central bank comments indicating an acceleration in expected interest rate rises have created significant uncertainty and volatility in the resources sector, in particular impacting gold and gold equities," CEO Nikolai Zelenski said yesterday.

"Nordgold has determined that it would therefore not be sensible to pursue an IPO at this particular juncture."

Its cancellation could worry some of the 30 other companies expected to launch deals from September onwards, especially those in the gold and resources sector, Reuters noted.

Nordgold's controlling shareholders are Alexey Mordashov and his sons, Kirill and Nikita, with a stake of about 99.94%.

Zelenski thanked the many prospective shareholders for their interest and support over the past four weeks.

"Although we have decided to postpone our IPO, our priorities remain the same - delivering on our low cost, low risk development pipeline anchored in the Gross District and continuing to drive shareholder returns, without ever compromising on our adherence to the highest ESG standards, or the safety of our people, and the values that are core to Nordgold," he said. 

The company produced more than 1 million ounces of gold from its nine operations in 2020, with four mines in Russia, one in Kazakhstan, three in Burkina Faso and one in Guinea.