Mineral resources are a considerable basis of wealth of the northern regions of Fennoscandia. However, there are striking differences between how this wealth has been distributed in different countries: in many regions of the world, plentiful natural resources have led to conflicts and impoverishment rather than local development. This chapter aims to explain the historical development of the mining industry in northern Fennoscandia and its changing institutional frameworks from a historical perspective. The main questions are: How was the mining industry in the region established, and why? How did it change over the course of this period, and why? What path dependencies linger on in the present, and how do they influence perceptions of the future? What are the differences and similarities between Sweden, Norway, Finland and northwestern Russia, and why? The chapter will cover an extensive time frame, starting in the 1600s but with a focus on 1880–present and a perspective on the future.