Abstract: The study is devoted to the justification of efficiency of mining enterprise conversion to innovative technologies with the optimal combination of investment and production and economic factors. The results of the analysis on the cause of the ill-being of the mineral resource complex in Russia are given and the mechanism for creating the economic effect of mastering innovations is detailed. An assessment of the innovative development of mining companies by production functions is represented. Models for describing the experimental determination of economic efficiency of metal output increase as a result of mastering innovative technologies are proposed.