Consolidated Tin Mines says it will not be proceeding with the proposed takeover of Auctus-owned operations in the Chillagoe region, west of Cairns.

The $53 million acquisition deal covered the Mungana processing plant, the inactive Mungana mine and the King Vol polymetallic mine, which produces about 360,000 tonnes of ore per annum .

Consolidated Tin Mines (CSD) said today the transaction had been subject to conditions including shareholder approval.

The company has had issues dispatching a notice of meeting to shareholders to get that approval, as the ASX would not approve the notice until the 2019 audited accounts of Auctus were included in the financial information set out in the notice.

Those accounts had not been finalised or provided, meaning the company could not obtain shareholder approval within the necessary timeframe, Consolidated said.

Although it has terminated the agreement, Consolidated Tin Mines says it still believes the acquisition makes strategic sense and that it remains open to considering the acquisition if terms can be agreed with Auctus that are appropriate and reflect current market conditions.

Consolidated Tin Mines remains suspended from trading due to the failure to lodge its half-year financial statements.