Analysts said it is about time Eldorado Gold Corp., after suffering permitting delays and development uncertainty in Greece, pushed back against authorities by suspending investments.

"I think this is the best news I've heard out of the company in a long time," Kerry Smith, a Haywood Securities analyst, said on a Sept. 11 conference call convened by Eldorado Gold. "I think you should have done this a long time ago."

Scotiabank analyst Tanya Jakusconek agreed. "This should have been done some time ago."

Eldorado Gold suspended spending on its Greek gold mines and projects over several long-standing issues it has faced during their development. In making the decision, the Canadian gold miner cited delays in getting routine permits it needs to move projects ahead and uncertainties it said Greece created by planning to go to arbitration over Eldorado Gold projects.

George Burns, Eldorado Gold president and CEO, expressed frustration with the Greek government and Greece's energy minister, George Stathakis.

"This saga has been going on for a while," Burns said from Athens, Greece. "And I can assure you that I've been trying to seek from him the subject matter in potential arbitration. Because obviously, we'd like to resolve any issues the government may have with our investment. But I haven't been able to get that information."

Burns also described positive conversations with the government that in outcome came up short. "The discussions were never hostile, never negative," Burns said. "The only frustration I can tell you [about] is I've not been able to get clarity around the arbitration issue."

The chief executive criticized the Greek government for a disconnect between talk and action. "I've read lots of very positive statements from Prime Minister [Alexis] Tsipras about the need to drive the real economy here in Greece, the need to attract investment. And frankly, we're here," Burns said, adding, "but I don't hear the government talking positively about our investment."

A spokesperson for the Greek government had not responded to a request for comment as of press time.

During the call, S&P Global Market Intelligence asked about the potential for the issue to escalate to international arbitration. Burns did not address that possibility in answering. Instead, he said Eldorado Gold would consider going back to court domestically or filing its own request for domestic arbitration.

"We will use it if necessary," Burns said, referring to domestic Greek courts and arbitration processes.

Haywood Securities' Smith, in a follow-up interview by phone, said he doubts the issue would escalate to the point where international arbitration would come into play. He sees the issues as largely political. That is, politicians are unlikely to care until people show the government that their votes are connected to the way the government treats Eldorado Gold.

"If they get out into the streets banging on pots and pans, the government is going to listen to that," Smith said. He wondered if the potential public reaction to Eldorado Gold's move might spur courts to act faster on issues affecting the gold miner.

As for the bottom line, Smith sees Eldorado Gold's push back as positive. It means the miner stops spending money on its more questionable projects.

"If it takes 11 days or 11 years, I think the best strategy is to not spend any more money until you have a path forward you understand and you know where you sit," Smith said. "My only disappointment is they took so long to do that."