The closest working railroad station is in Olenegorsk. Disregard reports of a railroad station in Revda – it is there for strictly local mining company needs. Getting to Olenegorsk, which is on the Moscow to Murmansk line, should not be an issue. There is no direct bus from Olenegorsk to Lovozero, only with Revda as a transition point. Here is a schedule compiled from what appears like recent sources. Call the bus station to check the exact schedule! Tell me of any discrepancies!!
There is a small hotel in Revda, 28km from Lovozero. We haven’t had a chance to check it out ourselves but based on reviews floating around conclude that it is more of a hostel but it’s got HOT WATER and no roaches.