November Six Charlie Papa, cancel landing clearance. I'll have it back for you in a mile or so, traffic will be in position.
We can infer from this that the aircraft he's talking to (shortened callsign N6CP) has previously been cleared to land. But sometime since the controller decided to have another aircraft to line up and wait "in position" on the runway. The controller is now canceling that landing clearance, because he can't clear an aircraft to land while that aircraft is waiting for departure. And he's letting N6CP know that by the time they get 1 mile closer to the runway, he's anticipating that the waiting aircraft will get cleared for takeoff and N6CP will be cleared to land (again).