The theoretical and methodological aspects of the evaluation of innovative investment projects are considered in the work. The analysis of the state of the world and Russian magnesium industry was carried out, the assessment of the main economic indicators of the industry, such as cost, price, sales, magnesium imports, was made. A method for calculating the magnitude of risk premium, taking into account both industry and innovation risks, is proposed. Analyzed the possible directions of development of the magnesium industry, proposed for the introduction of innovative technology for the production of magnesium at the Solikamsk magnesium plant as a mechanism to improve the performance indicators of existing production. The technical and economic assessment of the effectiveness of the proposed innovative magnesium production technology was carried out.