The rare metal granite pegmatites are widespread in the Fennoscandian Shield, dominantly in Finland, where lithium-bearing pegmatites are abundant, and some have been mined in the past. In the European part of Russia, lithium-bearing pegmatites are present in Karelia and the Kola Peninsula, however, none of these prospects have been found economically viable for mining. The largest of them, the Kolmozero spodumene-bearing pegmatite deposit, is located in the northeast part of the Kola Peninsula. The Li2O content in spodumene is 7.1-8.1 wt.-%. A comparison of the Kolmozero deposit with the Greenbushes deposit in Australia indicates that these deposits have several similar characteristics, including the , geometry and composition of the pegmatite veins. In general, geological characteristics of the Kolmozero deposit, significant size of the pegmatite veins and presence of the high-Li2O grade spodumenes indicate that Kolmozero deposit can potentially contain economically viable lithium resources.