NEW YORK (TheStreet) -- Shares of Eldorado Gold Corp. (EGO) - Get Report are lower by 3.35% to $5.19 in mid-afternoon trading on Tuesday, following Monday's reports that the Greek government has taken steps to block the Canada-based gold miner's Skouries mine project.

Just days after the far-left Syriza governing party was elected in January, Greece's new energy minister Panagiotis Lafazanis said the government was "absolutely against" the Skouries mine, currently under construction, the Financial Post reports.

Eldorado announced on Monday that Greece's Ministry of Productive Reconstruction, Energy and Environment revoked a permit Eldorado needed for the completion of the Skouries processing plant.

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Eldorado reacted angrily to the Ministry's decision declaring that it believes the government's decision "has no legal basis" and that it will "if necessary, act to protect the legal rights of the company, employees and stakeholders."

"At this moment in time the revocation of this approval has no material impact on the construction schedule of the Skouries Project and various site activities continue unabated. The Company takes the opportunity to remind all stakeholders that the integrity of the Environmental Impact Assessment (EIA) - the main environmental permit supporting its projects in Halkidiki, Northern Greece - has been confirmed by three separate rulings of the Council of State, which is Greece's Supreme Court on administrative and environmental matters," Eldorado said in a statement.

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