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The municipality is home to the Red Lake Gold Mine, which was once one of the largest gold mines in Canada. The mine closed in 2004 and reopened under new ownership on October 31, 2006. It has been operating since then but has yet to reach its full production capacity of 100,000 ounces per year (3 tonnes). Red Lake is also home to a small First Nations community that lives on nearby Manitoulin Island called Garden River First Nation.