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	<infoTable>
		<nameOfIssuer>3M CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88579Y101</cusip>
		<value>3328</value>
		<shrsOrPrnAmt>
			<sshPrnamt>30100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>30100</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ABBOTT LABS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>002824100</cusip>
		<value>503</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>5200</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ABBVIE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00287Y109</cusip>
		<value>12437</value>
		<shrsOrPrnAmt>
			<sshPrnamt>92500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>92500</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ACCENTURE PLC IRELAND</nameOfIssuer>
		<titleOfClass>SHS CLASS A</titleOfClass>
		<cusip>G1151C101</cusip>
		<value>798</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3100</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ADOBE SYSTEMS INCORPORATED</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00724F101</cusip>
		<value>523</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1900</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ADVANCE AUTO PARTS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00751Y106</cusip>
		<value>3643</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>23300</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ADVANCED MICRO DEVICES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>007903107</cusip>
		<value>456</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7201</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>7201</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00130H105</cusip>
		<value>6191</value>
		<shrsOrPrnAmt>
			<sshPrnamt>273800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>273800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AGNICO EAGLE MINES LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>008474108</cusip>
		<value>48557</value>
		<shrsOrPrnAmt>
			<sshPrnamt>832591</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>832591</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AIR PRODS &amp; CHEMS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>009158106</cusip>
		<value>7012</value>
		<shrsOrPrnAmt>
			<sshPrnamt>30100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>30100</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AKAMAI TECHNOLOGIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00971T101</cusip>
		<value>426</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>5300</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ALASKA AIR GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>011659109</cusip>
		<value>407</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>10400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALEXANDRIA REAL ESTATE EQ IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015271109</cusip>
		<value>4461</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>31800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALGONQUIN PWR UTILS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015857105</cusip>
		<value>41500</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2753819</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2753819</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALIGN TECHNOLOGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>016255101</cusip>
		<value>331</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALLSTATE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>020002101</cusip>
		<value>598</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>4800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALPHABET INC</nameOfIssuer>
		<titleOfClass>CAP STK CL C</titleOfClass>
		<cusip>02079K107</cusip>
		<value>906</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9420</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>9420</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALPHABET INC</nameOfIssuer>
		<titleOfClass>CAP STK CL A</titleOfClass>
		<cusip>02079K305</cusip>
		<value>3980</value>
		<shrsOrPrnAmt>
			<sshPrnamt>41600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>41600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALTRIA GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>02209S103</cusip>
		<value>6765</value>
		<shrsOrPrnAmt>
			<sshPrnamt>167500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>167500</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMAZON COM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>023135106</cusip>
		<value>4521</value>
		<shrsOrPrnAmt>
			<sshPrnamt>40000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>40000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMERICAN HOMES 4 RENT</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>02665T306</cusip>
		<value>3729</value>
		<shrsOrPrnAmt>
			<sshPrnamt>113700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>113700</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMERICAN INTL GROUP INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>026874784</cusip>
		<value>750</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>15800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMERICAN TOWER CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>03027X100</cusip>
		<value>5350</value>
		<shrsOrPrnAmt>
			<sshPrnamt>24900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>24900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMGEN INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>031162100</cusip>
		<value>6717</value>
		<shrsOrPrnAmt>
			<sshPrnamt>29800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>29800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ANALOG DEVICES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>032654105</cusip>
		<value>7887</value>
		<shrsOrPrnAmt>
			<sshPrnamt>56600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>56600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>APPLE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>037833100</cusip>
		<value>8761</value>
		<shrsOrPrnAmt>
			<sshPrnamt>63450</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>63450</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>APPLIED MATLS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>038222105</cusip>
		<value>287</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3500</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AT&amp;T INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00206R102</cusip>
		<value>6947</value>
		<shrsOrPrnAmt>
			<sshPrnamt>452300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>452300</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AUTOMATIC DATA PROCESSING IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053015103</cusip>
		<value>2058</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>9100</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AVALONBAY CMNTYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053484101</cusip>
		<value>2505</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>13600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>B2GOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>11777Q209</cusip>
		<value>20220</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4585100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>4585100</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BAKER HUGHES COMPANY</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>05722G100</cusip>
		<value>1528</value>
		<shrsOrPrnAmt>
			<sshPrnamt>72900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>72900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BANK MONTREAL QUE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>063671101</cusip>
		<value>112688</value>
		<shrsOrPrnAmt>
			<sshPrnamt>931535</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>931535</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BANK NOVA SCOTIA HALIFAX</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>064149107</cusip>
		<value>52660</value>
		<shrsOrPrnAmt>
			<sshPrnamt>801520</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>801520</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>067901108</cusip>
		<value>15377</value>
		<shrsOrPrnAmt>
			<sshPrnamt>719900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>719900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BATH &amp; BODY WORKS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>070830104</cusip>
		<value>2101</value>
		<shrsOrPrnAmt>
			<sshPrnamt>64400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>64400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BAXTER INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>071813109</cusip>
		<value>604</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>11200</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BCE INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>05534B760</cusip>
		<value>51806</value>
		<shrsOrPrnAmt>
			<sshPrnamt>895060</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>895060</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
		<titleOfClass>CL B NEW</titleOfClass>
		<cusip>084670702</cusip>
		<value>1977</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>7400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BIOGEN INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09062X103</cusip>
		<value>534</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BK OF AMERICA CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>060505104</cusip>
		<value>11511</value>
		<shrsOrPrnAmt>
			<sshPrnamt>380900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>380900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BLACKROCK INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09247X101</cusip>
		<value>2643</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>4800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BOSTON SCIENTIFIC CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>101137107</cusip>
		<value>868</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>22400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BRISTOL-MYERS SQUIBB CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>110122108</cusip>
		<value>14798</value>
		<shrsOrPrnAmt>
			<sshPrnamt>208100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>208100</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROADCOM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>11135F101</cusip>
		<value>11186</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>25200</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD ASSET MGMT INC</nameOfIssuer>
		<titleOfClass>CL A LTD VT SH</titleOfClass>
		<cusip>112585104</cusip>
		<value>37944</value>
		<shrsOrPrnAmt>
			<sshPrnamt>673000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>673000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD INFRAST PARTNERS</nameOfIssuer>
		<titleOfClass>LP INT UNIT</titleOfClass>
		<cusip>G16252101</cusip>
		<value>50671</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1026560</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1026560</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD INFRASTRUCTURE CO</nameOfIssuer>
		<titleOfClass>COM SB VTG SHS A</titleOfClass>
		<cusip>11275Q107</cusip>
		<value>4250</value>
		<shrsOrPrnAmt>
			<sshPrnamt>75765</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>75765</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD RENEWABLE CORP</nameOfIssuer>
		<titleOfClass>CL A SUB VTG</titleOfClass>
		<cusip>11284V105</cusip>
		<value>12576</value>
		<shrsOrPrnAmt>
			<sshPrnamt>279900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>279900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD RENEWABLE PARTNER</nameOfIssuer>
		<titleOfClass>PARTNERSHIP UNIT</titleOfClass>
		<cusip>G16258108</cusip>
		<value>9680</value>
		<shrsOrPrnAmt>
			<sshPrnamt>224600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>224600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BRP INC</nameOfIssuer>
		<titleOfClass>COM SUN VTG</titleOfClass>
		<cusip>05577W200</cusip>
		<value>8953</value>
		<shrsOrPrnAmt>
			<sshPrnamt>105670</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>105670</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CAMECO CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13321L108</cusip>
		<value>4795</value>
		<shrsOrPrnAmt>
			<sshPrnamt>131260</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>131260</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CANADIAN IMPERIAL BK COMM TO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>136069101</cusip>
		<value>73557</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1217831</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1217831</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CANADIAN NAT RES LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>136385101</cusip>
		<value>81674</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1272970</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1272970</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CANADIAN NATL RY CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>136375102</cusip>
		<value>46331</value>
		<shrsOrPrnAmt>
			<sshPrnamt>310904</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>310904</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CANADIAN PAC RY LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13645T100</cusip>
		<value>42648</value>
		<shrsOrPrnAmt>
			<sshPrnamt>463110</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>463110</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CAPITAL ONE FINL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>14040H105</cusip>
		<value>572</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>6200</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CATALENT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>148806102</cusip>
		<value>420</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>5800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CATERPILLAR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>149123101</cusip>
		<value>2593</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>15800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CELESTICA INC</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>15101Q108</cusip>
		<value>4466</value>
		<shrsOrPrnAmt>
			<sshPrnamt>385000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>385000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CENOVUS ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>15135U109</cusip>
		<value>41120</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1940525</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1940525</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CENTERRA GOLD INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>152006102</cusip>
		<value>3449</value>
		<shrsOrPrnAmt>
			<sshPrnamt>571000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>571000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CHEVRON CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>166764100</cusip>
		<value>10669</value>
		<shrsOrPrnAmt>
			<sshPrnamt>74200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>74200</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CHIPOTLE MEXICAN GRILL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>169656105</cusip>
		<value>601</value>
		<shrsOrPrnAmt>
			<sshPrnamt>400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CI FINL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>125491100</cusip>
		<value>47324</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3593338</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3593338</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CIGNA CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>125523100</cusip>
		<value>1000</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CISCO SYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>17275R102</cusip>
		<value>10911</value>
		<shrsOrPrnAmt>
			<sshPrnamt>272700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>272700</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CITIGROUP INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>172967424</cusip>
		<value>1046</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>25100</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CITIZENS FINL GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>174610105</cusip>
		<value>3384</value>
		<shrsOrPrnAmt>
			<sshPrnamt>98500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>98500</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COCA COLA CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>191216100</cusip>
		<value>12498</value>
		<shrsOrPrnAmt>
			<sshPrnamt>222900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>222900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COLGATE PALMOLIVE CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>194162103</cusip>
		<value>5299</value>
		<shrsOrPrnAmt>
			<sshPrnamt>75400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>75400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COLLIERS INTL GROUP INC</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>194693107</cusip>
		<value>8492</value>
		<shrsOrPrnAmt>
			<sshPrnamt>67134</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>67134</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COMCAST CORP NEW</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>20030N101</cusip>
		<value>9294</value>
		<shrsOrPrnAmt>
			<sshPrnamt>317000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>317000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CONAGRA BRANDS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>205887102</cusip>
		<value>3402</value>
		<shrsOrPrnAmt>
			<sshPrnamt>104200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>104200</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CONSTELLATION BRANDS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>21036P108</cusip>
		<value>689</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CORNING INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>219350105</cusip>
		<value>4789</value>
		<shrsOrPrnAmt>
			<sshPrnamt>164900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>164900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CORTEVA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22052L104</cusip>
		<value>664</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>11600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CRESCENT PT ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22576C101</cusip>
		<value>32863</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3870800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3870800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CRONOS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22717L101</cusip>
		<value>3947</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1025210</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1025210</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CROWN CASTLE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22822V101</cusip>
		<value>4424</value>
		<shrsOrPrnAmt>
			<sshPrnamt>30600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>30600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CSX CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>126408103</cusip>
		<value>1060</value>
		<shrsOrPrnAmt>
			<sshPrnamt>39800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>39800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CUMMINS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>231021106</cusip>
		<value>4867</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>23900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CVS HEALTH CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>126650100</cusip>
		<value>10116</value>
		<shrsOrPrnAmt>
			<sshPrnamt>106000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>106000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DANAHER CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>235851102</cusip>
		<value>517</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DIGITAL RLTY TR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>253868103</cusip>
		<value>5247</value>
		<shrsOrPrnAmt>
			<sshPrnamt>52900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>52900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>254687106</cusip>
		<value>916</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>9700</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DOMINION ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>25746U109</cusip>
		<value>7679</value>
		<shrsOrPrnAmt>
			<sshPrnamt>111000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>111000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DOW INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>260557103</cusip>
		<value>1168</value>
		<shrsOrPrnAmt>
			<sshPrnamt>26600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>26600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DUKE ENERGY CORP NEW</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>26441C204</cusip>
		<value>5892</value>
		<shrsOrPrnAmt>
			<sshPrnamt>63300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>63300</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DUPONT DE NEMOURS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26614N102</cusip>
		<value>407</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8066</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>8066</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EASTMAN CHEM CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>277432100</cusip>
		<value>1841</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>25900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EATON CORP PLC</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>G29183103</cusip>
		<value>1882</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>14100</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ELEVANCE HEALTH INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>036752103</cusip>
		<value>1092</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EMERSON ELEC CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>291011104</cusip>
		<value>4979</value>
		<shrsOrPrnAmt>
			<sshPrnamt>68000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>68000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ENBRIDGE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29250N105</cusip>
		<value>78181</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1527571</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1527571</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ENERPLUS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>292766102</cusip>
		<value>2398</value>
		<shrsOrPrnAmt>
			<sshPrnamt>122950</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>122950</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EOG RES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26875P101</cusip>
		<value>5576</value>
		<shrsOrPrnAmt>
			<sshPrnamt>49900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>49900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EQUIFAX INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>294429105</cusip>
		<value>515</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXELON CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30161N101</cusip>
		<value>4626</value>
		<shrsOrPrnAmt>
			<sshPrnamt>123500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>123500</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30231G102</cusip>
		<value>4406</value>
		<shrsOrPrnAmt>
			<sshPrnamt>50400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>50400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FEDERAL RLTY INVT TR NEW</nameOfIssuer>
		<titleOfClass>SH BEN INT NEW</titleOfClass>
		<cusip>313745101</cusip>
		<value>3443</value>
		<shrsOrPrnAmt>
			<sshPrnamt>38200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>38200</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FEDEX CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>31428X106</cusip>
		<value>2005</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>13500</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FIDELITY NATL INFORMATION SV</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>31620M106</cusip>
		<value>3918</value>
		<shrsOrPrnAmt>
			<sshPrnamt>51800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>51800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FIRSTSERVICE CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>33767E202</cusip>
		<value>3726</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22728</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>22728</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FISERV INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>337738108</cusip>
		<value>271</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FORD MTR CO DEL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>345370860</cusip>
		<value>1460</value>
		<shrsOrPrnAmt>
			<sshPrnamt>130100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>130100</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FORTIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>349553107</cusip>
		<value>37889</value>
		<shrsOrPrnAmt>
			<sshPrnamt>722800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>722800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>351858105</cusip>
		<value>27027</value>
		<shrsOrPrnAmt>
			<sshPrnamt>164250</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>164250</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>35671D857</cusip>
		<value>2207</value>
		<shrsOrPrnAmt>
			<sshPrnamt>80700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>80700</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENERAC HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>368736104</cusip>
		<value>356</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>37045V100</cusip>
		<value>707</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>22000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GFL ENVIRONMENTAL INC</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>36168Q104</cusip>
		<value>35280</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1013500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1013500</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>375558103</cusip>
		<value>13010</value>
		<shrsOrPrnAmt>
			<sshPrnamt>210900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>210900</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>38141G104</cusip>
		<value>7504</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>25600</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>GRANITE REAL ESTATE INVT TR</nameOfIssuer>
		<titleOfClass>UNIT 99/99/9999</titleOfClass>
		<cusip>387437114</cusip>
		<value>9460</value>
		<shrsOrPrnAmt>
			<sshPrnamt>142320</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>142320</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>HARTFORD FINL SVCS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>416515104</cusip>
		<value>683</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>11000</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>HEALTHPEAK PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>42250P103</cusip>
		<value>3262</value>
		<shrsOrPrnAmt>
			<sshPrnamt>142300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>142300</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>437076102</cusip>
		<value>16113</value>
		<shrsOrPrnAmt>
			<sshPrnamt>58300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>58300</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>HONEYWELL INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>438516106</cusip>
		<value>8148</value>
		<shrsOrPrnAmt>
			<sshPrnamt>48800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>48800</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>I-80 GOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>44955L106</cusip>
		<value>2611</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1092600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1092600</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>IMPERIAL OIL LTD</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>453038408</cusip>
		<value>14512</value>
		<shrsOrPrnAmt>
			<sshPrnamt>242872</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>242872</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>INCYTE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>45337C102</cusip>
		<value>480</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>7200</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>INTEL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>458140100</cusip>
		<value>4911</value>
		<shrsOrPrnAmt>
			<sshPrnamt>190500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>190500</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>INTERCONTINENTAL EXCHANGE IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>45866F104</cusip>
		<value>995</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>11000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>INTERNATIONAL BUSINESS MACHS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>459200101</cusip>
		<value>12228</value>
		<shrsOrPrnAmt>
			<sshPrnamt>102900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>102900</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>INTUIT</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>461202103</cusip>
		<value>387</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>IQVIA HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>46266C105</cusip>
		<value>471</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>JACOBS SOLUTIONS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>46982L108</cusip>
		<value>435</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>4000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>478160104</cusip>
		<value>10924</value>
		<shrsOrPrnAmt>
			<sshPrnamt>66800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>66800</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>JOHNSON CTLS INTL PLC</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>G51502105</cusip>
		<value>3999</value>
		<shrsOrPrnAmt>
			<sshPrnamt>81200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>81200</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>46625H100</cusip>
		<value>12271</value>
		<shrsOrPrnAmt>
			<sshPrnamt>117300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>117300</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>496902404</cusip>
		<value>26909</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5225100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>5225100</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>KKR &amp; CO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>48251W104</cusip>
		<value>430</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>10000</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>KLA CORP</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>482480100</cusip>
		<value>499</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1650</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1650</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>KRAFT HEINZ CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>500754106</cusip>
		<value>2123</value>
		<shrsOrPrnAmt>
			<sshPrnamt>63700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>63700</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LILLY ELI &amp; CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>532457108</cusip>
		<value>324</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1000</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>LINCOLN NATL CORP IND</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>534187109</cusip>
		<value>413</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>9400</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>539830109</cusip>
		<value>6498</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>16800</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>LYONDELLBASELL INDUSTRIES N</nameOfIssuer>
		<titleOfClass>SHS - A -</titleOfClass>
		<cusip>N53745100</cusip>
		<value>4570</value>
		<shrsOrPrnAmt>
			<sshPrnamt>60700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>60700</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>M &amp; T BK CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>55261F104</cusip>
		<value>459</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MAG SILVER CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>55903Q104</cusip>
		<value>5176</value>
		<shrsOrPrnAmt>
			<sshPrnamt>301100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>301100</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MAGNA INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>559222401</cusip>
		<value>14910</value>
		<shrsOrPrnAmt>
			<sshPrnamt>227641</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>227641</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MANULIFE FINL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>56501R106</cusip>
		<value>64817</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3000770</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3000770</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MARATHON PETE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>56585A102</cusip>
		<value>298</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3000</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MASTEC INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>576323109</cusip>
		<value>406</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>6400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MASTERCARD INCORPORATED</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>57636Q104</cusip>
		<value>1538</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>5400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MCDONALDS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>580135101</cusip>
		<value>7110</value>
		<shrsOrPrnAmt>
			<sshPrnamt>30800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>30800</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MEDTRONIC PLC</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>G5960L103</cusip>
		<value>5220</value>
		<shrsOrPrnAmt>
			<sshPrnamt>64600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>64600</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MERCK &amp; CO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>58933Y105</cusip>
		<value>14321</value>
		<shrsOrPrnAmt>
			<sshPrnamt>166200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>166200</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>META PLATFORMS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>30303M102</cusip>
		<value>1045</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>7700</Shared>
			<None>0</None>
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		<nameOfIssuer>MICROCHIP TECHNOLOGY INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>595017104</cusip>
		<value>262</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>4300</Shared>
			<None>0</None>
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		<nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>595112103</cusip>
		<value>291</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>5800</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>594918104</cusip>
		<value>9475</value>
		<shrsOrPrnAmt>
			<sshPrnamt>40700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>40700</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MOLINA HEALTHCARE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>60855R100</cusip>
		<value>330</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1000</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>MONDELEZ INTL INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>609207105</cusip>
		<value>8863</value>
		<shrsOrPrnAmt>
			<sshPrnamt>161700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>161700</Shared>
			<None>0</None>
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		<nameOfIssuer>MONSTER BEVERAGE CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>61174X109</cusip>
		<value>504</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>5800</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>617446448</cusip>
		<value>3279</value>
		<shrsOrPrnAmt>
			<sshPrnamt>41500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>41500</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>NETAPP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>64110D104</cusip>
		<value>2344</value>
		<shrsOrPrnAmt>
			<sshPrnamt>37900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>37900</Shared>
			<None>0</None>
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		<nameOfIssuer>NETFLIX INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>64110L106</cusip>
		<value>683</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2900</Shared>
			<None>0</None>
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		<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>644535106</cusip>
		<value>3713</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3018600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3018600</Shared>
			<None>0</None>
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		<nameOfIssuer>NEW YORK CMNTY BANCORP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>649445103</cusip>
		<value>1338</value>
		<shrsOrPrnAmt>
			<sshPrnamt>156900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>156900</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>NEWELL BRANDS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>651229106</cusip>
		<value>1806</value>
		<shrsOrPrnAmt>
			<sshPrnamt>130100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>130100</Shared>
			<None>0</None>
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		<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>651639106</cusip>
		<value>1438</value>
		<shrsOrPrnAmt>
			<sshPrnamt>34200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>34200</Shared>
			<None>0</None>
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		<nameOfIssuer>NEXGEN ENERGY LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>65340P106</cusip>
		<value>5560</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1111900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1111900</Shared>
			<None>0</None>
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		<nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>65339F101</cusip>
		<value>13672</value>
		<shrsOrPrnAmt>
			<sshPrnamt>174100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>174100</Shared>
			<None>0</None>
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		<nameOfIssuer>NIKE INC</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>654106103</cusip>
		<value>299</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3600</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>NORTH AMERN CONSTR GROUP LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>656811106</cusip>
		<value>2903</value>
		<shrsOrPrnAmt>
			<sshPrnamt>223167</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>223167</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>NUTRIEN LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>67077M108</cusip>
		<value>90201</value>
		<shrsOrPrnAmt>
			<sshPrnamt>783539</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>783539</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>NUVEI CORPORATION</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>67079A102</cusip>
		<value>9935</value>
		<shrsOrPrnAmt>
			<sshPrnamt>267130</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>267130</Shared>
			<None>0</None>
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		<nameOfIssuer>NVIDIA CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>67066G104</cusip>
		<value>1371</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>11300</Shared>
			<None>0</None>
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		<nameOfIssuer>OBSIDIAN ENERGY LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>674482203</cusip>
		<value>4428</value>
		<shrsOrPrnAmt>
			<sshPrnamt>448200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>448200</Shared>
			<None>0</None>
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		<nameOfIssuer>OPEN TEXT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>683715106</cusip>
		<value>16832</value>
		<shrsOrPrnAmt>
			<sshPrnamt>461140</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>461140</Shared>
			<None>0</None>
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		<nameOfIssuer>ORACLE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>68389X105</cusip>
		<value>477</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>7800</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>ORGANIGRAM HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>68620P101</cusip>
		<value>1356</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1120500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1120500</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>ORLA MNG LTD NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>68634K106</cusip>
		<value>4170</value>
		<shrsOrPrnAmt>
			<sshPrnamt>954300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>954300</Shared>
			<None>0</None>
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		<nameOfIssuer>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>68827L101</cusip>
		<value>9175</value>
		<shrsOrPrnAmt>
			<sshPrnamt>656800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>656800</Shared>
			<None>0</None>
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		<nameOfIssuer>PARKER-HANNIFIN CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>701094104</cusip>
		<value>583</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2400</Shared>
			<None>0</None>
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		<nameOfIssuer>PAYPAL HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>70450Y103</cusip>
		<value>628</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>7300</Shared>
			<None>0</None>
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		<nameOfIssuer>PEMBINA PIPELINE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>706327103</cusip>
		<value>43198</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1030984</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1030984</Shared>
			<None>0</None>
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		<nameOfIssuer>PEPSICO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>713448108</cusip>
		<value>17078</value>
		<shrsOrPrnAmt>
			<sshPrnamt>104600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>104600</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PFIZER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>717081103</cusip>
		<value>16887</value>
		<shrsOrPrnAmt>
			<sshPrnamt>385200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>385200</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PHILIP MORRIS INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>718172109</cusip>
		<value>15629</value>
		<shrsOrPrnAmt>
			<sshPrnamt>188100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>188100</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>718546104</cusip>
		<value>5257</value>
		<shrsOrPrnAmt>
			<sshPrnamt>65100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>65100</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PIONEER NAT RES CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>723787107</cusip>
		<value>7803</value>
		<shrsOrPrnAmt>
			<sshPrnamt>36000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>36000</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>PROCTER AND GAMBLE CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>742718109</cusip>
		<value>15315</value>
		<shrsOrPrnAmt>
			<sshPrnamt>121200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>121200</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>PROLOGIS INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74340W103</cusip>
		<value>4343</value>
		<shrsOrPrnAmt>
			<sshPrnamt>42700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>42700</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PUBLIC SVC ENTERPRISE GRP IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>744573106</cusip>
		<value>4357</value>
		<shrsOrPrnAmt>
			<sshPrnamt>77400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>77400</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>PULTE GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>745867101</cusip>
		<value>420</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>11200</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>QUALCOMM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>747525103</cusip>
		<value>3893</value>
		<shrsOrPrnAmt>
			<sshPrnamt>34450</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>34450</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RAYTHEON TECHNOLOGIES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>75513E101</cusip>
		<value>10517</value>
		<shrsOrPrnAmt>
			<sshPrnamt>128431</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>128431</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>REGENCY CTRS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>758849103</cusip>
		<value>3522</value>
		<shrsOrPrnAmt>
			<sshPrnamt>65400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>65400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RESTAURANT BRANDS INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>76131D103</cusip>
		<value>26519</value>
		<shrsOrPrnAmt>
			<sshPrnamt>361791</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>361791</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RITCHIE BROS AUCTIONEERS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>767744105</cusip>
		<value>1116</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12977</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>12977</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ROGERS COMMUNICATIONS INC</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>775109200</cusip>
		<value>94521</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1780060</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1780060</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ROYAL BK CDA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>780087102</cusip>
		<value>106367</value>
		<shrsOrPrnAmt>
			<sshPrnamt>856761</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>856761</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SALESFORCE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>79466L302</cusip>
		<value>965</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>6700</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SANDSTORM GOLD LTD</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>80013R206</cusip>
		<value>5793</value>
		<shrsOrPrnAmt>
			<sshPrnamt>812500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>812500</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SEMPRA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>816851109</cusip>
		<value>5550</value>
		<shrsOrPrnAmt>
			<sshPrnamt>37000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>37000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SERVICENOW INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>81762P102</cusip>
		<value>283</value>
		<shrsOrPrnAmt>
			<sshPrnamt>750</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>750</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SHAW COMMUNICATIONS INC</nameOfIssuer>
		<titleOfClass>CL B CONV</titleOfClass>
		<cusip>82028K200</cusip>
		<value>39900</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1188920</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1188920</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SHOPIFY INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>82509L107</cusip>
		<value>15268</value>
		<shrsOrPrnAmt>
			<sshPrnamt>410753</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>410753</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SIGNATURE BK NEW YORK N Y</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>82669G104</cusip>
		<value>2461</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>16300</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SIMON PPTY GROUP INC NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>828806109</cusip>
		<value>2235</value>
		<shrsOrPrnAmt>
			<sshPrnamt>24900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>24900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SKECHERS U S A INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>830566105</cusip>
		<value>527</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>16600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SKEENA RES LTD NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>83056P715</cusip>
		<value>3224</value>
		<shrsOrPrnAmt>
			<sshPrnamt>499775</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>499775</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SOUTHERN CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>842587107</cusip>
		<value>9801</value>
		<shrsOrPrnAmt>
			<sshPrnamt>144000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>144000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SPDR SER TR</nameOfIssuer>
		<titleOfClass>GLB DOW ETF</titleOfClass>
		<cusip>78464A706</cusip>
		<value>9882</value>
		<shrsOrPrnAmt>
			<sshPrnamt>114286</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>114286</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SPROTT INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>852066208</cusip>
		<value>1520</value>
		<shrsOrPrnAmt>
			<sshPrnamt>32900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>32900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STANLEY BLACK &amp; DECKER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>854502101</cusip>
		<value>1611</value>
		<shrsOrPrnAmt>
			<sshPrnamt>21400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>21400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STANTEC INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>85472N109</cusip>
		<value>13466</value>
		<shrsOrPrnAmt>
			<sshPrnamt>223054</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>223054</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STARBUCKS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>855244109</cusip>
		<value>8780</value>
		<shrsOrPrnAmt>
			<sshPrnamt>104200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>104200</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STATE STR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>857477103</cusip>
		<value>5098</value>
		<shrsOrPrnAmt>
			<sshPrnamt>83800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>83800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STRYKER CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>863667101</cusip>
		<value>689</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SUN LIFE FINANCIAL INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>866796105</cusip>
		<value>17231</value>
		<shrsOrPrnAmt>
			<sshPrnamt>314156</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>314156</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SUNCOR ENERGY INC NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>867224107</cusip>
		<value>130509</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3363646</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3363646</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SVB FINANCIAL GROUP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78486Q101</cusip>
		<value>336</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SYNCHRONY FINANCIAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87165B103</cusip>
		<value>1371</value>
		<shrsOrPrnAmt>
			<sshPrnamt>48600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>48600</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SYNOPSYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>871607107</cusip>
		<value>580</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SYSCO CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>871829107</cusip>
		<value>4754</value>
		<shrsOrPrnAmt>
			<sshPrnamt>67200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>67200</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>T-MOBILE US INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>872590104</cusip>
		<value>765</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>5700</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TARGET CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87612E106</cusip>
		<value>356</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TC ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87807B107</cusip>
		<value>133918</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2410760</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2410760</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TECK RESOURCES LTD</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>878742204</cusip>
		<value>6888</value>
		<shrsOrPrnAmt>
			<sshPrnamt>164436</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>164436</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TELUS CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87971M103</cusip>
		<value>82736</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3019561</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3019561</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TELUS INTL CDA INC</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>87975H100</cusip>
		<value>7320</value>
		<shrsOrPrnAmt>
			<sshPrnamt>204590</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>199990</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>TESLA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88160R101</cusip>
		<value>2228</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>8400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TEXAS INSTRS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>882508104</cusip>
		<value>6067</value>
		<shrsOrPrnAmt>
			<sshPrnamt>39200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>39200</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TEXTRON INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>883203101</cusip>
		<value>2447</value>
		<shrsOrPrnAmt>
			<sshPrnamt>42000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>42000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TFI INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87241L109</cusip>
		<value>11822</value>
		<shrsOrPrnAmt>
			<sshPrnamt>94663</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>94663</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>THERMO FISHER SCIENTIFIC INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>883556102</cusip>
		<value>1370</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2700</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>THOMSON REUTERS CORP.</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>884903709</cusip>
		<value>49123</value>
		<shrsOrPrnAmt>
			<sshPrnamt>347330</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>347330</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TJX COS INC NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>872540109</cusip>
		<value>721</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>11600</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TORONTO DOMINION BK ONT</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>891160509</cusip>
		<value>139916</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1653851</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>1653851</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRANSALTA CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>89346D107</cusip>
		<value>43703</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3591050</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>3591050</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRICON RESIDENTIAL INC</nameOfIssuer>
		<titleOfClass>COM NPV</titleOfClass>
		<cusip>89612W102</cusip>
		<value>7644</value>
		<shrsOrPrnAmt>
			<sshPrnamt>641807</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>641807</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRUIST FINL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>89832Q109</cusip>
		<value>3994</value>
		<shrsOrPrnAmt>
			<sshPrnamt>91700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>91700</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TYSON FOODS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>902494103</cusip>
		<value>3338</value>
		<shrsOrPrnAmt>
			<sshPrnamt>50600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>50600</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>UNITED PARCEL SERVICE INC</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>911312106</cusip>
		<value>7032</value>
		<shrsOrPrnAmt>
			<sshPrnamt>43500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>43500</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>UNITED RENTALS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>911363109</cusip>
		<value>541</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>91324P102</cusip>
		<value>1416</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>2800</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>V F CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>918204108</cusip>
		<value>1309</value>
		<shrsOrPrnAmt>
			<sshPrnamt>43700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>43700</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92343V104</cusip>
		<value>12043</value>
		<shrsOrPrnAmt>
			<sshPrnamt>317000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>317000</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VERMILION ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>923725105</cusip>
		<value>10439</value>
		<shrsOrPrnAmt>
			<sshPrnamt>353140</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>353140</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VISA INC</nameOfIssuer>
		<titleOfClass>COM CL A</titleOfClass>
		<cusip>92826C839</cusip>
		<value>782</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>4400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WALMART INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>931142103</cusip>
		<value>3621</value>
		<shrsOrPrnAmt>
			<sshPrnamt>27900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>27900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WARNER BROS DISCOVERY INC</nameOfIssuer>
		<titleOfClass>COM SER A</titleOfClass>
		<cusip>934423104</cusip>
		<value>1746</value>
		<shrsOrPrnAmt>
			<sshPrnamt>151717</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>151717</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WASTE CONNECTIONS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>94106B101</cusip>
		<value>1855</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9967</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>9967</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WELLS FARGO CO NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>949746101</cusip>
		<value>5587</value>
		<shrsOrPrnAmt>
			<sshPrnamt>138800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>138800</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>WEST FRASER TIMBER CO LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>952845105</cusip>
		<value>2066</value>
		<shrsOrPrnAmt>
			<sshPrnamt>20720</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>20720</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WESTROCK CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>96145D105</cusip>
		<value>3086</value>
		<shrsOrPrnAmt>
			<sshPrnamt>99900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>99900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WEYERHAEUSER CO MTN BE</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>962166104</cusip>
		<value>2267</value>
		<shrsOrPrnAmt>
			<sshPrnamt>79300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>79300</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>WILLIAMS COS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>969457100</cusip>
		<value>2860</value>
		<shrsOrPrnAmt>
			<sshPrnamt>99900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>99900</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WYNDHAM HOTELS &amp; RESORTS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>98311A105</cusip>
		<value>393</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>6400</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ZOETIS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>98978V103</cusip>
		<value>757</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>5100</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
</informationTable>
