The area of municipality is 1,9 thousand sq.km. Population is 29,5 thousand people. GDP is 13,620 million rubles per year.

The urban district Olenegorsk is located in the center of the Kola Peninsula. In the north and the northwest borders with the Kola district, in the east with the Lovozerskiy district, in the south and the southwest with the Monchegorsk district, so it is the internal district of the Murmansk region.

The most perspective directions of the municipal economic development are:

- production and conversion of iron-bearing ores (iron-ore concentrate, ferrite strontium powders, construction road-metal), development of raw material resources base;

- production of finished metal products, construction materials and concrete-steel construction;

- development of transport infrastructure;

- development of the 92 hectares land parcel on the south side of the town of Olenegorsk with the purpose of housing construction;

- reconstruction of municipal infrastructure.