The Peräpohja schist belt in northern Finland rests unconformably on Archaean granitoids, and marks the early stages of Proterozoic crustal evolution in the Fennoscandian (Baltic) shield. 2440 Ma old layered mafic intrusions predate the supracrustal, and ca. 2200 Ma old sills of the gabbro-wehrlite association intrude the lowest quartzites and volcanics (Runkaus) of the sequence. The Sm-Nd mineral isochron of the Penikat layered intrusion gives an age of 2410±64 Ma. The initial e{open}Nd-values of the Penikat intrusion (e{open}Nd(2440) = -1.6) and the Runkausvaara sill (e{open}Nd(2200) ≈ 0) suggest that these mafic magmas were contaminated by older crustal material. The Sm-Nd and Pb isotopic results on the 2.44-2.2 Ga old Runkaus volcanics indicate mobility of Pb, fractionation of Sm/Nd during "late" greenschist facies metamorphism, and crustal contamination. The Pb-Pb data provide an age of 1972±80 Ma with a high initial 207Pb/204Pb ratio (μ1 = 8.49), while scattered Sm-Nd data result in an imprecise age of 2330±180 Ma, with an initial e{open}Nd-value of about zero. Secondary titanite gives an U-Pb age of ca. 2250 Ma. The Jouttiaapa basalts, in contrast, ascended from the mantle without interaction with older crust. These LREE depleted tholeiites mark a break in continental sedimentation, and yield a Sm-Nd age of 2090±70 Ma. Their initial e{open}Nd = + 4.2 ±0.5 implies that the subcontinental early Proterozoic mantle had been depleted in LREE for a long period of time. The first lava flows are strongly depleted in LREE, suggesting that their source was significantly more depleted than the source of mid-ocean ridge basalts today. © 1990 Springer-Verlag.