NEW YORK (TheStreet) -- Shares of Eldorado Gold  (EGO) - Get Report fell 6.9% to $5.40 in morning trading Monday after the company provided an update on the situation of its Greek subsidiary Hellas Gold S.A.

Eldorado said Hellas has received a formal notice from the Greek Ministry of Productive Reconstruction, Energy, and Environment that revoked the necessary approval to finish construction of a processing plant at the Skouries Project.

But the notice also indicates that the ministry could reverse its decision after the completion of an internal review. There is no timetable for this review, according to Eldorado.

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Eldorado said it believes the ministry's decision "has no legal basis" and will take action to "protect the legal rights of the company, employees, and stakeholders" if necessary. The company also said the ministry's decision "has no material impact on the construction schedule of the Skouries Project and various site activities continue unabated."

"We remain committed to the responsible development of our asset base in Greece and announced earlier this year that we plan to invest $310 million on the development of Skouries and Olympias in 2015, which will generate additional jobs for the Greek people and taxes for the Greek government," Eldorado CEO Paul Wright said in a statement.

"However, the recent decision of the Ministry of Energy, if not reversed in a timely manner, may force Eldorado to reconsider its investment plans for Greece," he continued. "Eldorado, Hellas Gold, its Greek employees, labor unions, and pro-mining stakeholders from the Municipality of Aristotle in Halkidiki look forward to engaging in a constructive dialogue with the new Greek Government."

Separately, TheStreet Ratings team rates ELDORADO GOLD CORP as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate ELDORADO GOLD CORP (EGO) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

• EGO has underperformed the S&P 500 Index, declining 19.16% from its price level of one year ago. Looking ahead, other than the push or pull of the broad market, we do not see anything in the company's numbers that may help reverse the decline experienced over the past 12 months. Despite the past decline, the stock is still selling for more than most others in its industry.
• The company's current return on equity greatly increased when compared to its ROE from the same quarter one year prior. This is a signal of significant strength within the corporation. Compared to other companies in the Metals & Mining industry and the overall market on the basis of return on equity, ELDORADO GOLD CORP underperformed against that of the industry average and is significantly less than that of the S&P 500.
• 47.36% is the gross profit margin for ELDORADO GOLD CORP which we consider to be strong. It has increased significantly from the same period last year. Regardless of the strong results of the gross profit margin, the net profit margin of 5.37% trails the industry average.
• ELDORADO GOLD CORP reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past year. During the past fiscal year, ELDORADO GOLD CORP turned its bottom line around by earning $0.14 versus -$0.91 in the prior year.
• The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Metals & Mining industry. The net income increased by 102.0% when compared to the same quarter one year prior, rising from -$687.55 million to $13.92 million.
• You can view the full analysis from the report here: EGO Ratings Report