Mineral and raw material resources of the Republic include:

•    489 proven deposits of 31 types of solid minerals,

•    386 peat deposits,

•    14 deposits of underground drinking water,

•    2 deposits of mineral waters,

•    10 approved by the Act of Government of the Republic of Karelia and over 200 registered geological monuments.

The main types of mineral resources are: iron ore, titanium, vanadium, molybdenum, precious metals, diamonds, mica, building materials (granites, diabase, marble), ceramic raw material (pegmatite, spar, aplite, halleflinta), carbonate ores, alkaline amphibole-asbestos.

An important investment potential of Karelia for the near future is unique deposits of building and trimming stone. Today building materials are in demand, particularly in such cities as Moscow and Saint-Petersburg. The Republic actively cooperated with large investors from these cities in the sphere of stone extraction and stone processing. Unique possibilities of Karelia in this sphere are explained by a wide range of building and trimming stones, as well as by proximity of the Republic to the central regions and cities of Russia. Karelia is ready to become one of the chief suppliers of construction materials for the markets of the North-West and Central regions of Russia, and provide all necessary conditions for investors

Mining industry is one of the most promising branches of development of the republican economy. Commercial value of building stone extraction and processing is determined by availability of natural resources, as well as growing demand in high tensile Karelian crushed stone for construction of houses, roads and airfields.

The main kinds of product of the mining industry complex of Karelia today are: iron pellets, spar, shungite crushed stone, construction macadam, stone blocks, and stone casting.

The flagship of the mining industry of Karelia is OJSC Karelsky Okatysh producing iron pellets of high quality and great variety. The enterprise is conducting mastering of Korpangskoe iron ore deposit (estimated resources are 65 million tons of iron ore) for maintenance of quarry capacity and recovery of mineral and raw material base. Karelsky Okatysh produces one fifth of all Russian-produced iron pellets and 30% of the total volume of export of Russian iron pellets abroad.

Karelia has unique raw material resources of building stone. At the height of construction in 2007-2008, significant investment was made in the development of Karelian stone deposits and in five years production volumes increased by 1,75 times, and for block stone  - by 1,66 times.

As of July 1, 2011 the state balance registered 148 deposits of building stone with total reserves À+Â+Ñ1+Ñ2 over 5,6 billion ì³. The reserves life of the existing quarries is 25-70 years.

Known deposits of block stone with a wide range of decorative qualities are capable to supply stone slabs as raw material (for its further processing) not only to enterprises of the Republic, but also to many enterprises of Russia for the period of 100 years (even without taking into consideration the addition to resources).

During the period 2006-2011, 19 modern screening-and-crushing complexes were built for crushed stone production, over 1200 new jobs were created. The most impressive realized projects of 2009 - 2011 were the new mining enterprises put into operation: in Pryazhinsky district Prionezhskaya Mining Company Ltd., in Suoyarvsky — Finansbureau Ltd. and Muezersky Granit Ltd. in Muezersky district along the little used railway line Suoyarvi-Yushkozero, Petrozavodsk-Granit Ltd. and Sever-Stroi Ltd., in Prionezhsky district – Karelprirodresurs Ltd., at the Bolshaya Uya deposit, in Kondopozhsky district – Eurostroigroup-Diabase Ltd., and CJSC KP-Gabbro (investor – German company «Deutsche Asphalt» (Bazalt AG Ltd.), in Medvezhegorsky district – Lobskoye-5 Ltd., (investor – CJSC Eurobeton).

Interest in Karelian shungite is growing, what is reflected by increase in attracted investment into geologic exploitation, as well as manufacturing engineering of new facilities and technical re-equipping of operating ones. High-carbonic shungites are used in production of foundry and steelmaking irons, also for purification of drinking water and industrial effluents, as substitute for carbon white in vulcanizates and polyethylene extender.

NPK Karbon-Shungit Ltd is the basic enterprise of shungite rocks extraction in Zagozhinskoe deposit in Medvezhegorsky district, In total, in 2010 the company produced 162 000 m³ of shungite products or 24 times more than in 2009.

At the same time, a number of promising objects of mineral resources in Karelia have not found their investors yet. Among the most explored there are objects of industrial minerals and Pudozhskoe deposit of precious metals and titanium-magnetite.

Explored resources of Pudozhskoe deposit according to categories A+B+C1+C2 account for 316.7 million tons, anticipated reserves – 0.6–0.7 billion tons. Ores are well-processed. Titanium-magnetite firsts gained after ore benefication is categorized as high-titanium and high-vanadium: precious elements are won out of rewash discard with a percentage of 75 on the average. Overburden rocks are referred to natural resources and can be used as building stone for production of crushed stone without limitation of the sphere of application. They can become the basis for setting up of unique production of crushed stone with capacity of more than 10 million tons per year.

Construction and putting into operation of a large chemical-metallurgical factory is a strong impetus for a complex development of the region. Implementation of Pudozh Mega Project on the basis of cooperation between the state and private businesses will assist establishing timber and mining industry (with total annual production equaling 150–180 billion RUR), accompanied by development of energy and transport infrastructure in Pudozhsky district. Strategic development plan of OJSC Russian Railways involves construction of Medvezhiya Gora – Pudozh – Konosha railroad. Estimated amount of tax revenue will comprise 135 billion RUR, 88 billion RUR out of which are private means needed for creating of mining and timber industries, and 47 billion RUR are state inflows into construction of transport and energy infrastructure. Implementation of the project is planned to result in creating of 50,000 new jobs, decreasing the cost of housing construction due to increase of production of structural steel, cement and building crushed stone, and in significant improvement of social-economic situation in Pudozhsky district of the Republic, and in related spheres.