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	<infoTable>
		<nameOfIssuer>ACE LTD </nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>H0023R105</cusip>
		<value>623</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6967</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6967</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ALCOA, INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>013817101</cusip>
		<value>2514</value>
		<shrsOrPrnAmt>
			<sshPrnamt>321532</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>320682</Sole>
			<Shared>0</Shared>
			<None>850</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ARCH COAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>039380100</cusip>
		<value>7602</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2011234</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2009234</Sole>
			<Shared>0</Shared>
			<None>2000</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BAKER HUGES INC. </nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>057224107</cusip>
		<value>5802</value>
		<shrsOrPrnAmt>
			<sshPrnamt>125770</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>125770</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BANCORPSOUTH INC COM</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>059692103</cusip>
		<value>765</value>
		<shrsOrPrnAmt>
			<sshPrnamt>43236</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>43236</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>067901108</cusip>
		<value>15829</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1005660</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1004560</Sole>
			<Shared>0</Shared>
			<None>1100</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>084670702</cusip>
		<value>37395</value>
		<shrsOrPrnAmt>
			<sshPrnamt>334121</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>333771</Sole>
			<Shared>0</Shared>
			<None>350</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>084670108</cusip>
		<value>843</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BP PRUDHOE BAY RTY TR</nameOfIssuer>
		<titleOfClass>UNIT BEN INT</titleOfClass>
		<cusip>055630107</cusip>
		<value>289</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CENOVUS ENERGY, INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>15135U109</cusip>
		<value>18678</value>
		<shrsOrPrnAmt>
			<sshPrnamt>654921</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>654641</Sole>
			<Shared>0</Shared>
			<None>280</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CHEVRON CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>166764100</cusip>
		<value>22835</value>
		<shrsOrPrnAmt>
			<sshPrnamt>192960</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>192760</Sole>
			<Shared>0</Shared>
			<None>200</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>20825C104</cusip>
		<value>43050</value>
		<shrsOrPrnAmt>
			<sshPrnamt>711564</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>710759</Sole>
			<Shared>0</Shared>
			<None>805</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CORNING INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>219350105</cusip>
		<value>11349</value>
		<shrsOrPrnAmt>
			<sshPrnamt>797570</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>796770</Sole>
			<Shared>0</Shared>
			<None>800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CST BRANDS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>12646R105</cusip>
		<value>2922</value>
		<shrsOrPrnAmt>
			<sshPrnamt>94826</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>94682</Sole>
			<Shared>0</Shared>
			<None>144</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DELL COMPUTER</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>24702R101</cusip>
		<value>15832</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1188127</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1186727</Sole>
			<Shared>0</Shared>
			<None>1400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DEVON ENERGY CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>25179M103</cusip>
		<value>4637</value>
		<shrsOrPrnAmt>
			<sshPrnamt>89379</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>89379</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>DIAMOND OFFSHORE DRILLING</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>25271C102</cusip>
		<value>1524</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22155</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22155</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DOW CHEMICAL CO.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>260543103</cusip>
		<value>31744</value>
		<shrsOrPrnAmt>
			<sshPrnamt>986748</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>985548</Sole>
			<Shared>0</Shared>
			<None>1200</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EASTMAN CHEMICAL CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>277432100</cusip>
		<value>903</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>12900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LILLY ELI &amp; CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>532457108</cusip>
		<value>29817</value>
		<shrsOrPrnAmt>
			<sshPrnamt>607032</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>606332</Sole>
			<Shared>0</Shared>
			<None>700</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ENCANA CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>292505104</cusip>
		<value>31204</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1842003</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1839723</Sole>
			<Shared>0</Shared>
			<None>2280</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXELIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30162A108</cusip>
		<value>11480</value>
		<shrsOrPrnAmt>
			<sshPrnamt>832459</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>831659</Sole>
			<Shared>0</Shared>
			<None>800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXXON MOBIL CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30231G102</cusip>
		<value>2021</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22374</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22374</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FORD MOTOR</nameOfIssuer>
		<titleOfClass>COM PAR $0.01</titleOfClass>
		<cusip>345370860</cusip>
		<value>994</value>
		<shrsOrPrnAmt>
			<sshPrnamt>64279</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>64279</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FORESTAR REAL ESTATE GROUP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>346233109</cusip>
		<value>10885</value>
		<shrsOrPrnAmt>
			<sshPrnamt>542634</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>542634</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FREEPORT MCMORAN CPR &amp; GOLD</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>35671D857</cusip>
		<value>16367</value>
		<shrsOrPrnAmt>
			<sshPrnamt>592793</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>592293</Sole>
			<Shared>0</Shared>
			<None>500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GOODYEAR TIRE RUBBER</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>382550101</cusip>
		<value>14532</value>
		<shrsOrPrnAmt>
			<sshPrnamt>949863</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>949863</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HANESBRANDS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>410345102</cusip>
		<value>623</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12125</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>12125</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HEWLETT PACKARD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>428236103</cusip>
		<value>11000</value>
		<shrsOrPrnAmt>
			<sshPrnamt>443545</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>443045</Sole>
			<Shared>0</Shared>
			<None>500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>IMPERIAL OIL LTD</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>453038408</cusip>
		<value>508</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13305</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>13305</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>INTL BUS MACHINES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>459200101</cusip>
		<value>445</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2331</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2331</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>JOHNSON AND JOHNSON</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>478160104</cusip>
		<value>407</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4735</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4735</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LEUCADIA NATIONAL CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>527288104</cusip>
		<value>26928</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1027002</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1026102</Sole>
			<Shared>0</Shared>
			<None>900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LEXMARK INTL INC CL A</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>529771107</cusip>
		<value>13000</value>
		<shrsOrPrnAmt>
			<sshPrnamt>425246</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>424846</Sole>
			<Shared>0</Shared>
			<None>400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LOEWS CORP COM</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>540424108</cusip>
		<value>6605</value>
		<shrsOrPrnAmt>
			<sshPrnamt>148767</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>148767</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MARATHON OIL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>565849106</cusip>
		<value>776</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22445</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22445</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MARATHON PETE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>56585A102</cusip>
		<value>211</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2972</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2972</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>MERCK &amp; CO. INC NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>58933Y105</cusip>
		<value>40819</value>
		<shrsOrPrnAmt>
			<sshPrnamt>878769</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>877929</Sole>
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			<None>840</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MFC INDUSTRIAL LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>55278T105</cusip>
		<value>9242</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1145235</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1144035</Sole>
			<Shared>0</Shared>
			<None>1200</None>
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	<infoTable>
		<nameOfIssuer>MURPHY OIL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>626717102</cusip>
		<value>365</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NEWMONT MINING CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>651639106</cusip>
		<value>33476</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1117732</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1116712</Sole>
			<Shared>0</Shared>
			<None>1020</None>
		</votingAuthority>
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		<nameOfIssuer>NOBLE ENERGY</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>655044105</cusip>
		<value>11942</value>
		<shrsOrPrnAmt>
			<sshPrnamt>198896</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>198896</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>NOKIA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>654902204</cusip>
		<value>5919</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1582566</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1580866</Sole>
			<Shared>0</Shared>
			<None>1700</None>
		</votingAuthority>
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		<nameOfIssuer>NORTHROP GRUMMAN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>666807102</cusip>
		<value>3347</value>
		<shrsOrPrnAmt>
			<sshPrnamt>40422</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>40422</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PEMBINA PIPELINE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>706327103</cusip>
		<value>1315</value>
		<shrsOrPrnAmt>
			<sshPrnamt>42950</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>42950</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PERMIAN BASIN RTY TR</nameOfIssuer>
		<titleOfClass>UNIT BEN INT</titleOfClass>
		<cusip>714236106</cusip>
		<value>15514</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1167364</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1165764</Sole>
			<Shared>0</Shared>
			<None>1600</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PFIZER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>717081103</cusip>
		<value>56960</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2033553</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2031753</Sole>
			<Shared>0</Shared>
			<None>1800</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>KONINKLIJKE PHILIPS ELECTRS</nameOfIssuer>
		<titleOfClass>NY REG SH NEW</titleOfClass>
		<cusip>500472303</cusip>
		<value>20233</value>
		<shrsOrPrnAmt>
			<sshPrnamt>744118</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>743218</Sole>
			<Shared>0</Shared>
			<None>900</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>718546104</cusip>
		<value>19617</value>
		<shrsOrPrnAmt>
			<sshPrnamt>333007</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>332605</Sole>
			<Shared>0</Shared>
			<None>402</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PILGRIM'S PRIDE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>72147K108</cusip>
		<value>326</value>
		<shrsOrPrnAmt>
			<sshPrnamt>21792</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>21792</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PRECISION DRILLING CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74022D308</cusip>
		<value>6300</value>
		<shrsOrPrnAmt>
			<sshPrnamt>736897</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>734197</Sole>
			<Shared>0</Shared>
			<None>2700</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>RADIOSHACK CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>750438103</cusip>
		<value>3239</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1024973</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1023773</Sole>
			<Shared>0</Shared>
			<None>1200</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>RAYTHEON COMPANY</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>755111507</cusip>
		<value>11119</value>
		<shrsOrPrnAmt>
			<sshPrnamt>168162</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>168162</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>REGENCY ENERGY PARTNERS LP</nameOfIssuer>
		<titleOfClass>COM UNITS L P</titleOfClass>
		<cusip>75885Y107</cusip>
		<value>270</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>RESOLUTE FOREST PRODUCTS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>76117W109</cusip>
		<value>439</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33368</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>33368</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SAN JUAN BASIN RTY TR</nameOfIssuer>
		<titleOfClass>UNIT BEN INT</titleOfClass>
		<cusip>798241105</cusip>
		<value>2302</value>
		<shrsOrPrnAmt>
			<sshPrnamt>143405</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>143405</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SANOFI AVENTIS</nameOfIssuer>
		<titleOfClass>SPONSORED ADR</titleOfClass>
		<cusip>80105N105</cusip>
		<value>21754</value>
		<shrsOrPrnAmt>
			<sshPrnamt>422321</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>421721</Sole>
			<Shared>0</Shared>
			<None>600</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SEACOR HOLDINGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>811904101</cusip>
		<value>889</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SIMMONS FIRST NATL CORP</nameOfIssuer>
		<titleOfClass>CL A $1 PAR</titleOfClass>
		<cusip>828730200</cusip>
		<value>1036</value>
		<shrsOrPrnAmt>
			<sshPrnamt>39700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>39700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>TECK RESOURCES LTD</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>878742204</cusip>
		<value>28737</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1344751</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1343551</Sole>
			<Shared>0</Shared>
			<None>1200</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>TECUMSEH PRODS CO</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>878895200</cusip>
		<value>6636</value>
		<shrsOrPrnAmt>
			<sshPrnamt>607150</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>607150</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>TEMPLETON DRAGON FUND </nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88018T101</cusip>
		<value>1653</value>
		<shrsOrPrnAmt>
			<sshPrnamt>65876</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>65876</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRAVELERS COMPANIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>89417E109</cusip>
		<value>1131</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14147</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>14147</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>THOMPSON CREEK METALS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>884768102</cusip>
		<value>7161</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2363516</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2361016</Sole>
			<Shared>0</Shared>
			<None>2500</None>
		</votingAuthority>
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		<nameOfIssuer>TRANSOCEAN, LTD</nameOfIssuer>
		<titleOfClass>REG SHS</titleOfClass>
		<cusip>H8817H100</cusip>
		<value>16200</value>
		<shrsOrPrnAmt>
			<sshPrnamt>337854</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>337454</Sole>
			<Shared>0</Shared>
			<None>400</None>
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		<nameOfIssuer>TSAKOS ENERGY NAVIGATION </nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>G9108L108</cusip>
		<value>3747</value>
		<shrsOrPrnAmt>
			<sshPrnamt>785580</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>784820</Sole>
			<Shared>0</Shared>
			<None>760</None>
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	<infoTable>
		<nameOfIssuer>TWIN DISC INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>901476101</cusip>
		<value>424</value>
		<shrsOrPrnAmt>
			<sshPrnamt>17881</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>17881</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>TYSON FOODS INC CL A</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>902494103</cusip>
		<value>356</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13873</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>13873</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>VALERO ENERGY CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>91913Y100</cusip>
		<value>30646</value>
		<shrsOrPrnAmt>
			<sshPrnamt>881389</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>880089</Sole>
			<Shared>0</Shared>
			<None>1300</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>WAL-MART STORES</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>931142103</cusip>
		<value>365</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4897</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4897</Sole>
			<Shared>0</Shared>
			<None>0</None>
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</informationTable>
