The basis of the region's economy is mining and processing of minerals. Of the 440 trace elements discovered in the twentieth century, 220 were found in the depths of the Kola Peninsula.
The economic specialization of the region includes the extraction and processing of ferrous and non-ferrous metal ores, industrial production of copper, nickel, cobalt, semi-finished precious metals, primary aluminum, apatite concentrate – raw materials for phosphate fertilizers.
The region is the only Russian producer of apatite, nepheline and baddeleyite concentrates, the largest producer of nickel, it also provides 10% of the all-Russian production of iron ore concentrate, 7% of refined copper.
Enterprises of the mining and metallurgical complex form the basis of the economy of the Murmansk region.
AO Kolskaya Mining and Metallurgical Company (date of foundation – 1998, PAO MMC Norilsk Nickel) is a leading production complex of the Murmansk region, created on the basis of the oldest enterprises – Severonikel and Pechenganikel combines, is an unified mining and metallurgical production for the extraction of sulfide copper-nickel ores and the production of non-ferrous metals.
The Kirovsk branch of AO Apatit (date of foundation – 1929, PAO PhosAgro) produces and processes apatite-nepheline ores from the Khibiny deposits, which are part of the largest and richest deposits in the world and are the base of phosphorus-containing raw materials in Russia. It is also engaged in the production of apatite and nepheline concentrates and other mineral concentrates.
AO Kovdorskiy Mining and Processing Plant (date of foundation – 1962, AO Mineral Chemical Company EuroChem) develops the Kovdorskoye deposit and produces iron ore, apatite and baddeleyite concentrates.
AO North-Western Phosphorus Company, (date of foundation – 2005, PAO Akron) is developing the deposit of apatite-nepheline ores Oleniy Ruchey as part of the project to create a new phosphate raw material base in the Murmansk region.
AO Olkon (date of foundation – 1949, PAO Severstal) mines ferruginous quartzites, produces and sells high-quality iron ore concentrate.
The branch of AO RUSAL Ural in Kandalaksha OK RUSAL KAZ (date of foundation – 1951, OK RUSAL) smelts aluminum from imported alumina.
The region's competitive advantages were evaluated by the one of the largest companies in Russia – PAO NOVATEK.
PAO NOVATEK-Murmansk (a subsidiary of PAO NOVATEK) is implementing The Center for the Construction of Large-Tonnage Offshore Structures investment project on the western shore of the Kola Bay in the village of Belokamenka, Murmansk region.
The Center for the construction of large-tonnage offshore structures is designed for the manufacture of offshore complexes for the production, storage and shipment of liquefied natural gas and stable gas condensate on gravity-type bases.
