[7] Gubakha arose in 1755 due to the discovery of iron ore in Krestovaya mountain.

In 1825 first coal was found in Gubakha on Krestovaya mountain where the first mine adit was laid.

After repeated changes, by the middle of the 60's the suburban area of Gubakha had acquired its modern outline.

[3] The town's economy includes several industrial facilities producing coke, chemicals, biochemicals, toys and power.

In 1993, the industrial association made up of the various chemical production facilities was reorganized into a joint stock company called Metrafrax.