The company trying to reopen South Crofty tin mine says its efforts will continue.
Redevelopment plans are ongoing say owners
Baseresult bought the mine near Camborne in 2001.
It said that Cornwall's last working tin mine, closed five years ago, would be working again in two years.
Now the Urban Regeneration Company (URC) has given Baseresult an ultimatum - to redevelop the site, or see it compulsorily purchased.
But after a meeting with the URC, Baseresult insisted that it was "not finished yet".
The firm was seeking financial aid to rejuvenate the site and reinstate the tin mining industry.
The company said it remained confident that it could continue with its plans to re-open South Crofty.
BBC business correspondent Neil Gallacher said the compulsory purchase orders would take two years to obtain and the URC would not use them for three years after that.
He said: "There is no doubt that the URC and the South West Regional Development Agency are working behind the scenes on the orders, but nothing is imminent."