The Swedish North is sometimes described as a resource periphery, while others choose to label it a pleasure periphery. Regardless of the terms used, the region is characterised by problems such as out-migration and demographic issues. This study investigates why there are such different perceptions of the same area, and whether there is any contradiction between extractive resource industries and the tourism industry. This is done by collecting visitor data from mining companies and conducting interviews with a variety of respondents in three mining communities in northern Sweden. Mining tourism is a phenomenon occurring in this region and can be regarded as a context in which the two main narratives meet while being a rather overlooked form of tourism. This is partly due to the low level of knowledge regarding its impacts, but also to a somewhat established idea of mining tourism as a “bad” form of tourism. Individuals’ perceptions of mining tourism as a phenomenon seem to be highly value-related and influenced by both location and occupation. As such, various opinions can be explained by social exchange theory, which proposes that attitudes will be influenced by individuals’ evaluation of outcomes for themselves and their community. In this paper, the emergence of mining tourism is understood as knowledge creation rooted in a regional path dependency on mining and tourism. Hence, mining tourism becomes a new regional tourism product that contributes to tourism, at least in terms of standard technical visits and, at best, a well-developed tourist attraction that appeals to visitors in quantities similar to iconic regional attractions such as the Icehotel. Then again, a tourism industry selling dreams of “untouched nature” argues that this tourism product produces “bad imaging”.