Morgan Hauser said:There were only two countries that the Nazis tolerated giving any territorial promises to about the conquered Soviet territories (that was their Lebensraum after all, so Hitler didn't feel like sharing it with anyone): Romania and Finland. Both had major grievances with the Soviets after being forced to give up part of their own countries (and the Romanians needed to be compensated for the loss of North Transylvania to Hungary in the Second Vienna Award), and would therefore be anxious to side with the Germans. The Finns were extremely vital to the German war effort because of their contribution to the conflict with the Soviet Union, so the Germans generally did whatever they could to keep them in the fight. I've heard the promises referred to by someone as including Karelia, the Kola peninsula, Murmansk, some land east of Lake Onega and "even more" (whatever that means). But as Frige just stated, the Germans seem to have wanted the Kola peninsula for themselves, so I'm waiting for confirmation on that.
In 1940, during the Winter War when Göring proposed to Finland making peace with "any terms" that would preserve the army to fight another day, promising support in an eventual revenge against the USSR, he asked the Finns what kind of borders they would want. When the Finns indicated Kola as well as Eastern Karelia as a areas of "old Finnish settlement", Göring said that the question of Kola is dependent on "economic discussions".
This, I think, is the key. To Germany Kola is merely an economic point, whereas Finland considers the area as a part of a viable Greater Finland also in an ideological sense. That is not to say Finland would figtht tooth and nail for the area, but it means that the Finnish government is ready to go to some lenghts to receive the peninsula.
Economically, Germany can make Finland to grand far-reaching concessions in the area. In mining, specifically. German industry in the north does not require German troops there. Rather to the contrary, if the Finns hold the area, they free up German occupation forces for potentially more restless areas of the former USSR. The resources extracted from the peninsula will, nevertheless, move towards Central Europe through the Finnish rail network, so even in terms of smooth logistics a Reich enclave in the north would rather make things more complicated.
Because of these points, I have thought Kola would be politically and militarily Finnish, but economically factually a German colony. I see it as the most logical outcome.
But then again, there is not always logic where there are Nazis...