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The research is aimed at study of the probable recovery of iron from the tailings of the Olcon mining company located in the north-western Arctic zone of Russia. Material composition of a sample from a tailings dump was analysed. The authors have developed a separation production technology to recover magnetite-hematite concentrate from the tailings. A processing flowsheet includes magnetic separation, milling and gravity concentration methods. The separation technology provides for production of iron ore concentrate with total iron content of 65.9% and recovers 91.0% of magnetite and 80.5% of hematite from the tailings containing 20.4% of total iron. The proposed technology will increase production of the concentrate at a dressing plant and reduce environmental impact.