<?xml version="1.0" encoding="UTF-8"?>
<informationTable
	xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">
	<infoTable>
		<nameOfIssuer>3M CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88579Y101</cusip>
		<value>234050</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ABBOTT LABS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>002824100</cusip>
		<value>6982885</value>
		<shrsOrPrnAmt>
			<sshPrnamt>72100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>72100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ABBVIE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00287Y109</cusip>
		<value>11090064</value>
		<shrsOrPrnAmt>
			<sshPrnamt>74400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>74400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ACCENTURE PLC IRELAND</nameOfIssuer>
		<titleOfClass>SHS CLASS A</titleOfClass>
		<cusip>00B4BNMY3</cusip>
		<value>1028819</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3350</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3350</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ADOBE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00724F101</cusip>
		<value>1121780</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ADVANCED MICRO DEVICES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>007903107</cusip>
		<value>673574</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6551</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6551</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00130H105</cusip>
		<value>3021760</value>
		<shrsOrPrnAmt>
			<sshPrnamt>198800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>198800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AGILENT TECHNOLOGIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00846U101</cusip>
		<value>156548</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AIR PRODS &amp; CHEMS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>009158106</cusip>
		<value>6433180</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AKAMAI TECHNOLOGIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00971T101</cusip>
		<value>543354</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALBEMARLE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>012653101</cusip>
		<value>3332784</value>
		<shrsOrPrnAmt>
			<sshPrnamt>19600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>19600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALEXANDRIA REAL ESTATE EQ IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015271109</cusip>
		<value>2002000</value>
		<shrsOrPrnAmt>
			<sshPrnamt>20000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>20000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALGOMA STL GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015658107</cusip>
		<value>7347387</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1083600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>907900</Sole>
			<Shared>0</Shared>
			<None>175700</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALGONQUIN PWR UTILS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015857105</cusip>
		<value>28697047</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4848159</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4848159</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALLSTATE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>020002101</cusip>
		<value>713024</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALPHABET INC</nameOfIssuer>
		<titleOfClass>CAP STK CL C</titleOfClass>
		<cusip>02079K107</cusip>
		<value>854388</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6480</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6480</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALPHABET INC</nameOfIssuer>
		<titleOfClass>CAP STK CL A</titleOfClass>
		<cusip>02079K305</cusip>
		<value>4022636</value>
		<shrsOrPrnAmt>
			<sshPrnamt>30740</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>30740</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALTRIA GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>02209S103</cusip>
		<value>7173730</value>
		<shrsOrPrnAmt>
			<sshPrnamt>170600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>170600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMAZON COM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>023135106</cusip>
		<value>4144112</value>
		<shrsOrPrnAmt>
			<sshPrnamt>32600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>32600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>025816109</cusip>
		<value>3416451</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMERICAN INTL GROUP INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>026874784</cusip>
		<value>618120</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMERICAN TOWER CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>03027X100</cusip>
		<value>4900610</value>
		<shrsOrPrnAmt>
			<sshPrnamt>29800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>29800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMGEN INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>031162100</cusip>
		<value>4810804</value>
		<shrsOrPrnAmt>
			<sshPrnamt>17900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>17900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>APPLE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>037833100</cusip>
		<value>7875660</value>
		<shrsOrPrnAmt>
			<sshPrnamt>46000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>46000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AT&amp;T INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00206R102</cusip>
		<value>13947572</value>
		<shrsOrPrnAmt>
			<sshPrnamt>928600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>928600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AUTOMATIC DATA PROCESSING IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053015103</cusip>
		<value>3861309</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16050</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>16050</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AVALONBAY CMNTYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053484101</cusip>
		<value>3829802</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>B2GOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>11777Q209</cusip>
		<value>32302067</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11250230</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10487430</Sole>
			<Shared>0</Shared>
			<None>762800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BANK AMERICA CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>060505104</cusip>
		<value>7105110</value>
		<shrsOrPrnAmt>
			<sshPrnamt>259500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>259500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BANK MONTREAL QUE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>063671101</cusip>
		<value>54260880</value>
		<shrsOrPrnAmt>
			<sshPrnamt>643241</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>544081</Sole>
			<Shared>0</Shared>
			<None>99160</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BANK NEW YORK MELLON CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>064058100</cusip>
		<value>4218085</value>
		<shrsOrPrnAmt>
			<sshPrnamt>98900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>98900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BANK NOVA SCOTIA HALIFAX</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>064149107</cusip>
		<value>19737302</value>
		<shrsOrPrnAmt>
			<sshPrnamt>440361</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>412934</Sole>
			<Shared>0</Shared>
			<None>27427</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>067901108</cusip>
		<value>41273365</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2841440</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2437440</Sole>
			<Shared>0</Shared>
			<None>404000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BAXTER INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>071813109</cusip>
		<value>434010</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>11500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BAYTEX ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>07317Q105</cusip>
		<value>0</value>
		<shrsOrPrnAmt>
			<sshPrnamt>0</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BCE INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>05534B760</cusip>
		<value>23749537</value>
		<shrsOrPrnAmt>
			<sshPrnamt>622160</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>622160</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
		<titleOfClass>CL B NEW</titleOfClass>
		<cusip>084670702</cusip>
		<value>1611380</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BIOMARIN PHARMACEUTICAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09061G101</cusip>
		<value>424704</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BOEING CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>097023105</cusip>
		<value>191680</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BOSTON SCIENTIFIC CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>101137107</cusip>
		<value>855360</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>16200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BRISTOL-MYERS SQUIBB CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>110122108</cusip>
		<value>3412752</value>
		<shrsOrPrnAmt>
			<sshPrnamt>58800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>58800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROADCOM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>11135F101</cusip>
		<value>15274366</value>
		<shrsOrPrnAmt>
			<sshPrnamt>18390</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>18390</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BROOKFIELD ASSET MANAGMT LTD</nameOfIssuer>
		<titleOfClass>CL A LMT VTG SHS</titleOfClass>
		<cusip>113004105</cusip>
		<value>1395853</value>
		<shrsOrPrnAmt>
			<sshPrnamt>41891</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>41891</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BROOKFIELD CORP</nameOfIssuer>
		<titleOfClass>CL A LTD VT SH</titleOfClass>
		<cusip>11271J107</cusip>
		<value>49283710</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1576220</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1361645</Sole>
			<Shared>0</Shared>
			<None>214575</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD INFRAST PARTNERS</nameOfIssuer>
		<titleOfClass>LP INT UNIT</titleOfClass>
		<cusip>00B2NR6V4</cusip>
		<value>23833950</value>
		<shrsOrPrnAmt>
			<sshPrnamt>812184</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>812184</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD INFRASTRUCTURE CO</nameOfIssuer>
		<titleOfClass>COM SB VTG SHS A</titleOfClass>
		<cusip>11275Q107</cusip>
		<value>756555</value>
		<shrsOrPrnAmt>
			<sshPrnamt>21400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>21400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD RENEWABLE PARTNER</nameOfIssuer>
		<titleOfClass>PARTNERSHIP UNIT</titleOfClass>
		<cusip>00B712JY0</cusip>
		<value>4359042</value>
		<shrsOrPrnAmt>
			<sshPrnamt>200640</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>200640</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BRP INC</nameOfIssuer>
		<titleOfClass>COM SUN VTG</titleOfClass>
		<cusip>05577W200</cusip>
		<value>2240553</value>
		<shrsOrPrnAmt>
			<sshPrnamt>29570</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>21600</Sole>
			<Shared>0</Shared>
			<None>7970</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CAMECO CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13321L108</cusip>
		<value>3771467</value>
		<shrsOrPrnAmt>
			<sshPrnamt>95060</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>59860</Sole>
			<Shared>0</Shared>
			<None>35200</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CANADIAN IMPERIAL BK COMM TO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>136069101</cusip>
		<value>99427977</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2575873</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2339573</Sole>
			<Shared>0</Shared>
			<None>236300</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CANADIAN NAT RES LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>136385101</cusip>
		<value>35599677</value>
		<shrsOrPrnAmt>
			<sshPrnamt>550490</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>477290</Sole>
			<Shared>0</Shared>
			<None>73200</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CANADIAN NATL RY CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>136375102</cusip>
		<value>36698755</value>
		<shrsOrPrnAmt>
			<sshPrnamt>338894</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>306983</Sole>
			<Shared>0</Shared>
			<None>31911</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CANADIAN PACIFIC KANSAS CITY</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13646K108</cusip>
		<value>29163414</value>
		<shrsOrPrnAmt>
			<sshPrnamt>392360</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>257060</Sole>
			<Shared>0</Shared>
			<None>135300</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CASELLA WASTE SYS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>147448104</cusip>
		<value>244160</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CATERPILLAR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>149123101</cusip>
		<value>2959320</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10840</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10840</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CELESTICA INC</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>15101Q108</cusip>
		<value>1578429</value>
		<shrsOrPrnAmt>
			<sshPrnamt>64500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>39400</Sole>
			<Shared>0</Shared>
			<None>25100</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CENOVUS ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>15135U109</cusip>
		<value>56597247</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2718389</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2428917</Sole>
			<Shared>0</Shared>
			<None>289472</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CENTERRA GOLD INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>152006102</cusip>
		<value>10579124</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2164100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1857700</Sole>
			<Shared>0</Shared>
			<None>306400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CHEVRON CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>166764100</cusip>
		<value>10016028</value>
		<shrsOrPrnAmt>
			<sshPrnamt>59400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>59400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CHIPOTLE MEXICAN GRILL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>169656105</cusip>
		<value>457958</value>
		<shrsOrPrnAmt>
			<sshPrnamt>250</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>250</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CISCO SYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>17275R102</cusip>
		<value>14684544</value>
		<shrsOrPrnAmt>
			<sshPrnamt>273150</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>273150</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CMS ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>125896100</cusip>
		<value>3117557</value>
		<shrsOrPrnAmt>
			<sshPrnamt>58700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>58700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COCA COLA CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>191216100</cusip>
		<value>14319684</value>
		<shrsOrPrnAmt>
			<sshPrnamt>255800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>255800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COLGATE PALMOLIVE CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>194162103</cusip>
		<value>1045317</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>14700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COMCAST CORP NEW</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>20030N101</cusip>
		<value>7245156</value>
		<shrsOrPrnAmt>
			<sshPrnamt>163400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>163400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CONAGRA BRANDS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>205887102</cusip>
		<value>0</value>
		<shrsOrPrnAmt>
			<sshPrnamt>0</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>0</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CONSTELLATION BRANDS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>21036P108</cusip>
		<value>527793</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CONSTELLATION ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>21037T109</cusip>
		<value>218</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CORNING INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>219350105</cusip>
		<value>3689917</value>
		<shrsOrPrnAmt>
			<sshPrnamt>121100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>121100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CORTEVA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22052L104</cusip>
		<value>306960</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CRESCENT PT ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22576C101</cusip>
		<value>14389522</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1735816</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1735816</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CRONOS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22717L101</cusip>
		<value>2211215</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1108300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>735010</Sole>
			<Shared>0</Shared>
			<None>373290</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CROWN CASTLE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22822V101</cusip>
		<value>4113741</value>
		<shrsOrPrnAmt>
			<sshPrnamt>44700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>44700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CSX CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>126408103</cusip>
		<value>4360350</value>
		<shrsOrPrnAmt>
			<sshPrnamt>141800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>141800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CUMMINS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>231021106</cusip>
		<value>4340740</value>
		<shrsOrPrnAmt>
			<sshPrnamt>19000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>19000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CVS HEALTH CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>126650100</cusip>
		<value>9795746</value>
		<shrsOrPrnAmt>
			<sshPrnamt>140300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>140300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DANAHER CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>235851102</cusip>
		<value>1116450</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DEERE &amp; CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>244199105</cusip>
		<value>358511</value>
		<shrsOrPrnAmt>
			<sshPrnamt>950</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>950</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DELTA AIR LINES INC DEL</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>247361702</cusip>
		<value>214600</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DENISON MINES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>248356107</cusip>
		<value>2773586</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1689400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1032800</Sole>
			<Shared>0</Shared>
			<None>656600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DEXCOM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>252131107</cusip>
		<value>634440</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DIAMONDBACK ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>25278X109</cusip>
		<value>3500288</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DIGITAL RLTY TR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>253868103</cusip>
		<value>5615328</value>
		<shrsOrPrnAmt>
			<sshPrnamt>46400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>46400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>254687106</cusip>
		<value>757818</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9350</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>9350</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DOMINION ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>25746U109</cusip>
		<value>3828219</value>
		<shrsOrPrnAmt>
			<sshPrnamt>85700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>85700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DUKE ENERGY CORP NEW</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>26441C204</cusip>
		<value>2744886</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>31100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DUPONT DE NEMOURS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26614N102</cusip>
		<value>223770</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EASTMAN CHEM CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>277432100</cusip>
		<value>2516416</value>
		<shrsOrPrnAmt>
			<sshPrnamt>32800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>32800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EATON CORP PLC</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>00B8KQN82</cusip>
		<value>1642256</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ELDORADO GOLD CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>284902509</cusip>
		<value>582667</value>
		<shrsOrPrnAmt>
			<sshPrnamt>65300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>39800</Sole>
			<Shared>0</Shared>
			<None>25500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ELEVANCE HEALTH INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>036752103</cusip>
		<value>827298</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>532457108</cusip>
		<value>859408</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EMERSON ELEC CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>291011104</cusip>
		<value>8623701</value>
		<shrsOrPrnAmt>
			<sshPrnamt>89300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>89300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ENBRIDGE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29250N105</cusip>
		<value>59808775</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1803291</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1461791</Sole>
			<Shared>0</Shared>
			<None>341500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ENERFLEX LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29269R105</cusip>
		<value>1123802</value>
		<shrsOrPrnAmt>
			<sshPrnamt>195700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>119300</Sole>
			<Shared>0</Shared>
			<None>76400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ENERPLUS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>292766102</cusip>
		<value>23281517</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1323150</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1114250</Sole>
			<Shared>0</Shared>
			<None>208900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ENPHASE ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29355A107</cusip>
		<value>294368</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2450</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2450</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EOG RES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26875P101</cusip>
		<value>4246460</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>33500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ESSEX PPTY TR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>297178105</cusip>
		<value>3796411</value>
		<shrsOrPrnAmt>
			<sshPrnamt>17900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>17900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXELON CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30161N101</cusip>
		<value>5252810</value>
		<shrsOrPrnAmt>
			<sshPrnamt>139000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>139000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30225T102</cusip>
		<value>1738594</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>14300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30231G102</cusip>
		<value>2469180</value>
		<shrsOrPrnAmt>
			<sshPrnamt>21000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>21000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FEDERAL RLTY INVT TR NEW</nameOfIssuer>
		<titleOfClass>SH BEN INT NEW</titleOfClass>
		<cusip>313745101</cusip>
		<value>2120742</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>23400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FIDELITY NATL INFORMATION SV</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>31620M106</cusip>
		<value>4001548</value>
		<shrsOrPrnAmt>
			<sshPrnamt>72400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>72400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FORD MTR CO DEL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>345370860</cusip>
		<value>1179900</value>
		<shrsOrPrnAmt>
			<sshPrnamt>95000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>95000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FORTIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>349553107</cusip>
		<value>3304373</value>
		<shrsOrPrnAmt>
			<sshPrnamt>87000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>87000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>351858105</cusip>
		<value>4903373</value>
		<shrsOrPrnAmt>
			<sshPrnamt>36730</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22760</Sole>
			<Shared>0</Shared>
			<None>13970</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>35671D857</cusip>
		<value>261030</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GEN DIGITAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>668771108</cusip>
		<value>2880072</value>
		<shrsOrPrnAmt>
			<sshPrnamt>162900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>162900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>37045V100</cusip>
		<value>2271633</value>
		<shrsOrPrnAmt>
			<sshPrnamt>68900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>68900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GFL ENVIRONMENTAL INC</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>36168Q104</cusip>
		<value>15002464</value>
		<shrsOrPrnAmt>
			<sshPrnamt>472475</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>387457</Sole>
			<Shared>0</Shared>
			<None>85018</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GILDAN ACTIVEWEAR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>375916103</cusip>
		<value>2811176</value>
		<shrsOrPrnAmt>
			<sshPrnamt>100300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>100300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>375558103</cusip>
		<value>9255090</value>
		<shrsOrPrnAmt>
			<sshPrnamt>123500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>123500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>38141G104</cusip>
		<value>4303481</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>13300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GRANITE REAL ESTATE INVT TR</nameOfIssuer>
		<titleOfClass>UNIT 99/99/9999</titleOfClass>
		<cusip>387437114</cusip>
		<value>14185692</value>
		<shrsOrPrnAmt>
			<sshPrnamt>267320</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>267320</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>406216101</cusip>
		<value>3195450</value>
		<shrsOrPrnAmt>
			<sshPrnamt>78900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>78900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HAMMERHEAD ENERGY INC</nameOfIssuer>
		<titleOfClass>CLASS A COM</titleOfClass>
		<cusip>408302107</cusip>
		<value>364125</value>
		<shrsOrPrnAmt>
			<sshPrnamt>30343</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>18400</Sole>
			<Shared>0</Shared>
			<None>11943</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HARTFORD FINL SVCS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>416515104</cusip>
		<value>510552</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HEALTHPEAK PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>42250P103</cusip>
		<value>3413124</value>
		<shrsOrPrnAmt>
			<sshPrnamt>185900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>185900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>437076102</cusip>
		<value>10152576</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>33600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HONEYWELL INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>438516106</cusip>
		<value>5579148</value>
		<shrsOrPrnAmt>
			<sshPrnamt>30200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>30200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HUDBAY MINERALS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>443628102</cusip>
		<value>4245914</value>
		<shrsOrPrnAmt>
			<sshPrnamt>872500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>533400</Sole>
			<Shared>0</Shared>
			<None>339100</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HUMANA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>444859102</cusip>
		<value>583824</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>IAMGOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>450913108</cusip>
		<value>916340</value>
		<shrsOrPrnAmt>
			<sshPrnamt>424800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>259700</Sole>
			<Shared>0</Shared>
			<None>165100</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>IMPERIAL OIL LTD</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>453038408</cusip>
		<value>5934545</value>
		<shrsOrPrnAmt>
			<sshPrnamt>96353</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>96353</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>INGERSOLL RAND INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>45687V106</cusip>
		<value>175230</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2750</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2750</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>INTEL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>458140100</cusip>
		<value>2692913</value>
		<shrsOrPrnAmt>
			<sshPrnamt>75750</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>75750</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>INTERCONTINENTAL EXCHANGE IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>45866F104</cusip>
		<value>836152</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>INTERNATIONAL BUSINESS MACHS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>459200101</cusip>
		<value>8460090</value>
		<shrsOrPrnAmt>
			<sshPrnamt>60300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>60300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>JACOBS SOLUTIONS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>46982L108</cusip>
		<value>546000</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>478160104</cusip>
		<value>13532962</value>
		<shrsOrPrnAmt>
			<sshPrnamt>86889</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>86889</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>JOHNSON CTLS INTL PLC</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>00BY7QL61</cusip>
		<value>3884330</value>
		<shrsOrPrnAmt>
			<sshPrnamt>73000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>73000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>46625H100</cusip>
		<value>7555542</value>
		<shrsOrPrnAmt>
			<sshPrnamt>52100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>52100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KENVUE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49177J102</cusip>
		<value>2633874</value>
		<shrsOrPrnAmt>
			<sshPrnamt>131169</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>131169</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KEURIG DR PEPPER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49271V100</cusip>
		<value>4744971</value>
		<shrsOrPrnAmt>
			<sshPrnamt>150300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>150300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KEYCORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>493267108</cusip>
		<value>2541512</value>
		<shrsOrPrnAmt>
			<sshPrnamt>236200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>236200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KKR &amp; CO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>48251W104</cusip>
		<value>135520</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KLA CORP</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>482480100</cusip>
		<value>619191</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1350</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1350</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KRAFT HEINZ CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>500754106</cusip>
		<value>2738296</value>
		<shrsOrPrnAmt>
			<sshPrnamt>81400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>81400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>L3HARRIS TECHNOLOGIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>502431109</cusip>
		<value>2420268</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>13900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LAMB WESTON HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>513272104</cusip>
		<value>2052612</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LAUDER ESTEE COS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>518439104</cusip>
		<value>2876545</value>
		<shrsOrPrnAmt>
			<sshPrnamt>19900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>19900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LIGHTSPEED COMMERCE INC</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>53229C107</cusip>
		<value>2432935</value>
		<shrsOrPrnAmt>
			<sshPrnamt>173200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>105700</Sole>
			<Shared>0</Shared>
			<None>67500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>539830109</cusip>
		<value>4048704</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>9900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LOWES COS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>548661107</cusip>
		<value>6837936</value>
		<shrsOrPrnAmt>
			<sshPrnamt>32900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>32900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LYONDELLBASELL INDUSTRIES N</nameOfIssuer>
		<titleOfClass>SHS - A -</titleOfClass>
		<cusip>00B3SPXZ3</cusip>
		<value>4384610</value>
		<shrsOrPrnAmt>
			<sshPrnamt>46300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>46300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MAG SILVER CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>55903Q104</cusip>
		<value>3105070</value>
		<shrsOrPrnAmt>
			<sshPrnamt>300400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>183500</Sole>
			<Shared>0</Shared>
			<None>116900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MAGNA INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>559222401</cusip>
		<value>10586034</value>
		<shrsOrPrnAmt>
			<sshPrnamt>197541</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>197541</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MANULIFE FINL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>56501R106</cusip>
		<value>34303056</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1877270</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1789570</Sole>
			<Shared>0</Shared>
			<None>87700</None>
		</votingAuthority>
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		<nameOfIssuer>MASTERCARD INCORPORATED</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>57636Q104</cusip>
		<value>1346094</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MCDONALDS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>580135101</cusip>
		<value>10405880</value>
		<shrsOrPrnAmt>
			<sshPrnamt>39500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>39500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MEDTRONIC PLC</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>00BTN1Y11</cusip>
		<value>2805288</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>35800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MERCK &amp; CO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>58933Y105</cusip>
		<value>13249665</value>
		<shrsOrPrnAmt>
			<sshPrnamt>128700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>128700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>META PLATFORMS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>30303M102</cusip>
		<value>2011407</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>METHANEX CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>59151K108</cusip>
		<value>8246654</value>
		<shrsOrPrnAmt>
			<sshPrnamt>183000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>183000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>METLIFE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>59156R108</cusip>
		<value>440370</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MICROCHIP TECHNOLOGY INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>595017104</cusip>
		<value>546350</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>594918104</cusip>
		<value>7783238</value>
		<shrsOrPrnAmt>
			<sshPrnamt>24650</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>24650</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MONDELEZ INTL INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>609207105</cusip>
		<value>6259880</value>
		<shrsOrPrnAmt>
			<sshPrnamt>90200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>90200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>617446448</cusip>
		<value>6598936</value>
		<shrsOrPrnAmt>
			<sshPrnamt>80800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>80800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NETAPP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>64110D104</cusip>
		<value>2663388</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>35100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NETFLIX INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>64110L106</cusip>
		<value>434240</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1150</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1150</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>644535106</cusip>
		<value>2569572</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2792200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1666900</Sole>
			<Shared>0</Shared>
			<None>1125300</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NEW YORK CMNTY BANCORP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>649445103</cusip>
		<value>1170288</value>
		<shrsOrPrnAmt>
			<sshPrnamt>103200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>103200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NEXGEN ENERGY LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>65340P106</cusip>
		<value>2425293</value>
		<shrsOrPrnAmt>
			<sshPrnamt>405200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>246900</Sole>
			<Shared>0</Shared>
			<None>158300</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>65339F101</cusip>
		<value>8318508</value>
		<shrsOrPrnAmt>
			<sshPrnamt>145200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>145200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NIKE INC</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>654106103</cusip>
		<value>439852</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NORTHROP GRUMMAN CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>666807102</cusip>
		<value>484209</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NUTRIEN LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>67077M108</cusip>
		<value>43091027</value>
		<shrsOrPrnAmt>
			<sshPrnamt>697789</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>618432</Sole>
			<Shared>0</Shared>
			<None>79357</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NVIDIA CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>67066G104</cusip>
		<value>3088429</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>OPEN TEXT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>683715106</cusip>
		<value>46146160</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1314880</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1177280</Sole>
			<Shared>0</Shared>
			<None>137600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>68827L101</cusip>
		<value>7626127</value>
		<shrsOrPrnAmt>
			<sshPrnamt>649440</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>425830</Sole>
			<Shared>0</Shared>
			<None>223610</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PAN AMERN SILVER CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>697900108</cusip>
		<value>17369</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>PARKER-HANNIFIN CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>701094104</cusip>
		<value>701136</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PAYPAL HLDGS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>70450Y103</cusip>
		<value>596292</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PEMBINA PIPELINE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>706327103</cusip>
		<value>18742683</value>
		<shrsOrPrnAmt>
			<sshPrnamt>623364</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>623364</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PEPSICO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>713448108</cusip>
		<value>6675936</value>
		<shrsOrPrnAmt>
			<sshPrnamt>39400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>39400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PFIZER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>717081103</cusip>
		<value>11118584</value>
		<shrsOrPrnAmt>
			<sshPrnamt>335200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>335200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PHILIP MORRIS INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>718172109</cusip>
		<value>15442344</value>
		<shrsOrPrnAmt>
			<sshPrnamt>166800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>166800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>718546104</cusip>
		<value>4529655</value>
		<shrsOrPrnAmt>
			<sshPrnamt>37700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>37700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PIONEER NAT RES CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>723787107</cusip>
		<value>4200765</value>
		<shrsOrPrnAmt>
			<sshPrnamt>18300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>18300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PRECISION DRILLING CORP</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>74022D407</cusip>
		<value>5490885</value>
		<shrsOrPrnAmt>
			<sshPrnamt>81950</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>61350</Sole>
			<Shared>0</Shared>
			<None>20600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PRIMO WATER CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74167P108</cusip>
		<value>5869837</value>
		<shrsOrPrnAmt>
			<sshPrnamt>425000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>425000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PROCTER AND GAMBLE CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>742718109</cusip>
		<value>13317018</value>
		<shrsOrPrnAmt>
			<sshPrnamt>91300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>91300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PROLOGIS INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74340W103</cusip>
		<value>4118107</value>
		<shrsOrPrnAmt>
			<sshPrnamt>36700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>36700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PUBLIC SVC ENTERPRISE GRP IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>744573106</cusip>
		<value>3858498</value>
		<shrsOrPrnAmt>
			<sshPrnamt>67800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>67800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PULTE GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>745867101</cusip>
		<value>311010</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>QUALCOMM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>747525103</cusip>
		<value>4947723</value>
		<shrsOrPrnAmt>
			<sshPrnamt>44550</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>44550</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>R1 RCM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>77634L105</cusip>
		<value>204952</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>13600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RB GLOBAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74935Q107</cusip>
		<value>45507513</value>
		<shrsOrPrnAmt>
			<sshPrnamt>726868</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>668668</Sole>
			<Shared>0</Shared>
			<None>58200</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>REALTY INCOME CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>756109104</cusip>
		<value>1623050</value>
		<shrsOrPrnAmt>
			<sshPrnamt>32500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>32500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>REGENCY CTRS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>758849103</cusip>
		<value>3417800</value>
		<shrsOrPrnAmt>
			<sshPrnamt>57500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>57500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RESMED INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>761152107</cusip>
		<value>4376952</value>
		<shrsOrPrnAmt>
			<sshPrnamt>29600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>29600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RESTAURANT BRANDS INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>76131D103</cusip>
		<value>60671620</value>
		<shrsOrPrnAmt>
			<sshPrnamt>911114</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>818211</Sole>
			<Shared>0</Shared>
			<None>92903</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ROGERS COMMUNICATIONS INC</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>775109200</cusip>
		<value>55989396</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1458301</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1320301</Sole>
			<Shared>0</Shared>
			<None>138000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ROYAL BK CDA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>780087102</cusip>
		<value>49407357</value>
		<shrsOrPrnAmt>
			<sshPrnamt>565375</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>422777</Sole>
			<Shared>0</Shared>
			<None>142598</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RTX CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>75513E101</cusip>
		<value>8334126</value>
		<shrsOrPrnAmt>
			<sshPrnamt>115800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>115800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SALESFORCE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>79466L302</cusip>
		<value>853704</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4210</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4210</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SANDSTORM GOLD LTD</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>80013R206</cusip>
		<value>1349661</value>
		<shrsOrPrnAmt>
			<sshPrnamt>288700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>175400</Sole>
			<Shared>0</Shared>
			<None>113300</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SCHWAB CHARLES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>808513105</cusip>
		<value>658800</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>12000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SEMPRA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>816851109</cusip>
		<value>1523872</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SERVICENOW INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>81762P102</cusip>
		<value>715469</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1280</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1280</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SHOPIFY INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>82509L107</cusip>
		<value>31643638</value>
		<shrsOrPrnAmt>
			<sshPrnamt>579735</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>366370</Sole>
			<Shared>0</Shared>
			<None>213365</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SIMON PPTY GROUP INC NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>828806109</cusip>
		<value>2160600</value>
		<shrsOrPrnAmt>
			<sshPrnamt>20000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>20000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SKECHERS U S A INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>830566105</cusip>
		<value>176220</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SKEENA RES LTD NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>83056P715</cusip>
		<value>2406986</value>
		<shrsOrPrnAmt>
			<sshPrnamt>526475</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>319175</Sole>
			<Shared>0</Shared>
			<None>207300</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SOUTHERN CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>842587107</cusip>
		<value>4349184</value>
		<shrsOrPrnAmt>
			<sshPrnamt>67200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>67200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
		<titleOfClass>TR UNIT</titleOfClass>
		<cusip>78462F103</cusip>
		<value>4695868</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10985</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10985</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SPDR SER TR</nameOfIssuer>
		<titleOfClass>GLB DOW ETF</titleOfClass>
		<cusip>78464A706</cusip>
		<value>7991540</value>
		<shrsOrPrnAmt>
			<sshPrnamt>73266</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>73266</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SPROTT INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>852066208</cusip>
		<value>697470</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SSR MINING IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>784730103</cusip>
		<value>14710111</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1107580</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>912280</Sole>
			<Shared>0</Shared>
			<None>195300</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>STARBUCKS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>855244109</cusip>
		<value>3723816</value>
		<shrsOrPrnAmt>
			<sshPrnamt>40800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>40800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SUN LIFE FINANCIAL INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>866796105</cusip>
		<value>52316855</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1072310</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>977210</Sole>
			<Shared>0</Shared>
			<None>95100</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SUNCOR ENERGY INC NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>867224107</cusip>
		<value>81307106</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2364364</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2208338</Sole>
			<Shared>0</Shared>
			<None>156026</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SYNOPSYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>871607107</cusip>
		<value>642558</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SYSCO CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>871829107</cusip>
		<value>1578595</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>23900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TARGET CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87612E106</cusip>
		<value>3681981</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>33300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TC ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87807B107</cusip>
		<value>68556373</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1993580</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1993580</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TECK RESOURCES LTD</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>878742204</cusip>
		<value>27874957</value>
		<shrsOrPrnAmt>
			<sshPrnamt>647666</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>507280</Sole>
			<Shared>0</Shared>
			<None>140386</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TELUS CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87971M103</cusip>
		<value>68493662</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4194542</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3989742</Sole>
			<Shared>0</Shared>
			<None>204800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TESLA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88160R101</cusip>
		<value>1851628</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TEXAS INSTRS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>882508104</cusip>
		<value>8777352</value>
		<shrsOrPrnAmt>
			<sshPrnamt>55200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>55200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>THOMSON REUTERS CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>884903808</cusip>
		<value>7908350</value>
		<shrsOrPrnAmt>
			<sshPrnamt>64648</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>64648</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TJX COS INC NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>872540109</cusip>
		<value>319968</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>T-MOBILE US INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>872590104</cusip>
		<value>630225</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TORONTO DOMINION BK ONT</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>891160509</cusip>
		<value>121088218</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2009949</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1706331</Sole>
			<Shared>0</Shared>
			<None>303618</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRACTOR SUPPLY CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>892356106</cusip>
		<value>4588930</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>22600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRANSALTA CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>89346D107</cusip>
		<value>22090128</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2536350</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2423850</Sole>
			<Shared>0</Shared>
			<None>112500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRICON RESIDENTIAL INC</nameOfIssuer>
		<titleOfClass>COM NPV</titleOfClass>
		<cusip>89612W102</cusip>
		<value>6673181</value>
		<shrsOrPrnAmt>
			<sshPrnamt>902807</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>844407</Sole>
			<Shared>0</Shared>
			<None>58400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRUIST FINL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>89832Q109</cusip>
		<value>6222675</value>
		<shrsOrPrnAmt>
			<sshPrnamt>217500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>217500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>UNION PAC CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>907818108</cusip>
		<value>6047811</value>
		<shrsOrPrnAmt>
			<sshPrnamt>29700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>29700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>UNITED PARCEL SERVICE INC</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>911312106</cusip>
		<value>7606456</value>
		<shrsOrPrnAmt>
			<sshPrnamt>48800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>48800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>91324P102</cusip>
		<value>957961</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>US BANCORP DEL</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>902973304</cusip>
		<value>7064922</value>
		<shrsOrPrnAmt>
			<sshPrnamt>213700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>213700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>V F CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>918204108</cusip>
		<value>2583354</value>
		<shrsOrPrnAmt>
			<sshPrnamt>146200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>146200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VALERO ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>91913Y100</cusip>
		<value>1927256</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>13600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92343V104</cusip>
		<value>9693831</value>
		<shrsOrPrnAmt>
			<sshPrnamt>299100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>299100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VERMILION ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>923725105</cusip>
		<value>12298247</value>
		<shrsOrPrnAmt>
			<sshPrnamt>840700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>734300</Sole>
			<Shared>0</Shared>
			<None>106400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VERTEX PHARMACEUTICALS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92532F100</cusip>
		<value>869350</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VISA INC</nameOfIssuer>
		<titleOfClass>COM CL A</titleOfClass>
		<cusip>92826C839</cusip>
		<value>1104048</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WALGREENS BOOTS ALLIANCE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>931427108</cusip>
		<value>1410016</value>
		<shrsOrPrnAmt>
			<sshPrnamt>63400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>63400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WALMART INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>931142103</cusip>
		<value>1167489</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WARNER BROS DISCOVERY INC</nameOfIssuer>
		<titleOfClass>COM SER A</titleOfClass>
		<cusip>934423104</cusip>
		<value>305166</value>
		<shrsOrPrnAmt>
			<sshPrnamt>28100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>28100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WASTE CONNECTIONS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>94106B101</cusip>
		<value>3674387</value>
		<shrsOrPrnAmt>
			<sshPrnamt>27367</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>27367</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WASTE MGMT INC DEL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>94106L109</cusip>
		<value>3163130</value>
		<shrsOrPrnAmt>
			<sshPrnamt>20750</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>20750</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WELLS FARGO CO NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>949746101</cusip>
		<value>7959528</value>
		<shrsOrPrnAmt>
			<sshPrnamt>194800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>194800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WEST FRASER TIMBER CO LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>952845105</cusip>
		<value>4065494</value>
		<shrsOrPrnAmt>
			<sshPrnamt>56000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>56000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WESTROCK CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>96145D105</cusip>
		<value>2928440</value>
		<shrsOrPrnAmt>
			<sshPrnamt>81800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>81800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WEYERHAEUSER CO MTN BE</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>962166104</cusip>
		<value>2382282</value>
		<shrsOrPrnAmt>
			<sshPrnamt>77700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>77700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WILLIAMS COS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>969457100</cusip>
		<value>3402690</value>
		<shrsOrPrnAmt>
			<sshPrnamt>101000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>101000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WYNDHAM HOTELS &amp; RESORTS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>98311A105</cusip>
		<value>278160</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>XCEL ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>98389B100</cusip>
		<value>4028288</value>
		<shrsOrPrnAmt>
			<sshPrnamt>70400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>70400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ZOETIS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>98978V103</cusip>
		<value>226174</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
</informationTable>
