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But with hopes that China would act to stimulate its economy, mining groups were pushed higher.
Despite Chinese trade data showing a 6.9% fall in exports, adding to the concern's about the world's second biggest economy, mining shares are edging higher.
Once a significant part of the economy, mining was abandoned by the government once oil was discovered in the 1960s, leaving the work to small-time diggers equipped with nothing but shovels and hand-powered stone crushers.
In an effort to understand this trajectory, this paper draws on documents from public and private sector organisations, newspaper articles and field visits to examine developments in four key sectors of the West Coast's economy: mining, dairy farming, forestry and tourism.
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Income tax included taxes on crown land, wasteland, specific types of trees considered valuable to the economy, mines, salt, treasures unearthed by prospectors.
"[But] the data does not change our view that further rate cuts are needed to lift the non-mining economy as mining investment drags on growth," she said.
Mining is the basis of the oblast's economy, and mining enterprises remain the principal employers in such monotowns as Apatity, Kirovsk, Zapolyarny, Nikel, and Monchegorsk.
But those customers are a cross-section of the industrial economy, spanning mining, oil, transport and construction.
The principal branch of the economy is mining, centred on the towns of Kirovsk and Apatity in the Khibiny Mountains.
Manufacturing has greater spillovers for the rest of the economy than mining does and gives variety to export income.
Continuing talk of further stimulus from the Chinese authorities to boost the country's economy lifted mining shares again.
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