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<informationTable
	xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">
	<infoTable>
		<nameOfIssuer>3M CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88579Y101</cusip>
		<value>74249</value>
		<shrsOrPrnAmt>
			<sshPrnamt>700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ABBOTT LABS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>002824100</cusip>
		<value>4932844</value>
		<shrsOrPrnAmt>
			<sshPrnamt>43400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>43400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ABBVIE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00287Y109</cusip>
		<value>9651300</value>
		<shrsOrPrnAmt>
			<sshPrnamt>53000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>53000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ACCENTURE PLC IRELAND</nameOfIssuer>
		<titleOfClass>SHS CLASS A</titleOfClass>
		<cusip>G1151C101</cusip>
		<value>1161144</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>1135350</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2250</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2250</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ADVANCED MICRO DEVICES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>007903107</cusip>
		<value>288964</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1601</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1601</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00130H105</cusip>
		<value>4582908</value>
		<shrsOrPrnAmt>
			<sshPrnamt>255600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>255600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AGNICO EAGLE MINES LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>008474108</cusip>
		<value>1514624</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>25400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AIR PRODS &amp; CHEMS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>009158106</cusip>
		<value>5596437</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>23100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AKAMAI TECHNOLOGIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00971T101</cusip>
		<value>435040</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>ALAMOS GOLD INC NEW</nameOfIssuer>
		<titleOfClass>COM CL A</titleOfClass>
		<cusip>011532108</cusip>
		<value>11063483</value>
		<shrsOrPrnAmt>
			<sshPrnamt>750400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>488500</Sole>
			<Shared>0</Shared>
			<None>261900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALEXANDRIA REAL ESTATE EQ IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015271109</cusip>
		<value>2952039</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>ALGOMA STL GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015658107</cusip>
		<value>9688527</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1136200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>980400</Sole>
			<Shared>0</Shared>
			<None>155800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALGONQUIN PWR UTILS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>015857105</cusip>
		<value>33419826</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5288219</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5288219</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALPHABET INC</nameOfIssuer>
		<titleOfClass>CAP STK CL C</titleOfClass>
		<cusip>02079K107</cusip>
		<value>1492148</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>9800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALPHABET INC</nameOfIssuer>
		<titleOfClass>CAP STK CL A</titleOfClass>
		<cusip>02079K305</cusip>
		<value>4075110</value>
		<shrsOrPrnAmt>
			<sshPrnamt>27000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>27000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ALTRIA GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>02209S103</cusip>
		<value>7441572</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>5591780</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>31000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMERICAN INTL GROUP INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>026874784</cusip>
		<value>672262</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>8600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMERICAN TOWER CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>03027X100</cusip>
		<value>7844323</value>
		<shrsOrPrnAmt>
			<sshPrnamt>39700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>39700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AMGEN INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>031162100</cusip>
		<value>12510080</value>
		<shrsOrPrnAmt>
			<sshPrnamt>44000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>44000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>APPLE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>037833100</cusip>
		<value>7768044</value>
		<shrsOrPrnAmt>
			<sshPrnamt>45300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>45300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AT&amp;T INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>00206R102</cusip>
		<value>15033920</value>
		<shrsOrPrnAmt>
			<sshPrnamt>854200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>854200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AUTOMATIC DATA PROCESSING IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053015103</cusip>
		<value>2797088</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>11200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>AVALONBAY CMNTYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053484101</cusip>
		<value>4137988</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>36633851</value>
		<shrsOrPrnAmt>
			<sshPrnamt>13977620</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>13170820</Sole>
			<Shared>0</Shared>
			<None>806800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BAKER HUGHES COMPANY</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>05722G100</cusip>
		<value>2020050</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>BANK AMERICA CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>060505104</cusip>
		<value>13488144</value>
		<shrsOrPrnAmt>
			<sshPrnamt>355700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>355700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BANK MONTREAL QUE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>063671101</cusip>
		<value>76695334</value>
		<shrsOrPrnAmt>
			<sshPrnamt>785511</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>682351</Sole>
			<Shared>0</Shared>
			<None>103160</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BANK NEW YORK MELLON CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>064058100</cusip>
		<value>5324088</value>
		<shrsOrPrnAmt>
			<sshPrnamt>92400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>92400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BANK NOVA SCOTIA HALIFAX</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>064149107</cusip>
		<value>38824522</value>
		<shrsOrPrnAmt>
			<sshPrnamt>750504</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>718304</Sole>
			<Shared>0</Shared>
			<None>32200</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>067901108</cusip>
		<value>38222823</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2297950</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1921550</Sole>
			<Shared>0</Shared>
			<None>376400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BAXTER INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>071813109</cusip>
		<value>4594550</value>
		<shrsOrPrnAmt>
			<sshPrnamt>107500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>107500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BAYTEX ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>07317Q105</cusip>
		<value>5501927</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1524000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1524000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BCE INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>05534B760</cusip>
		<value>25010143</value>
		<shrsOrPrnAmt>
			<sshPrnamt>735960</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>735960</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BECTON DICKINSON &amp; CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>075887109</cusip>
		<value>3563280</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>14400</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>1934392</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>BIO RAD LABS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>090572207</cusip>
		<value>380457</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>BIOGEN INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09062X103</cusip>
		<value>646890</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>BITFARMS LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09173B107</cusip>
		<value>562444</value>
		<shrsOrPrnAmt>
			<sshPrnamt>253100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>151500</Sole>
			<Shared>0</Shared>
			<None>101600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BLACKBERRY LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>09228F103</cusip>
		<value>515757</value>
		<shrsOrPrnAmt>
			<sshPrnamt>188300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>112700</Sole>
			<Shared>0</Shared>
			<None>75600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BOEING CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>097023105</cusip>
		<value>308784</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>BOSTON PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>101121101</cusip>
		<value>2285850</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>35000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BOSTON SCIENTIFIC CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>101137107</cusip>
		<value>835578</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>12200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BRISTOL-MYERS SQUIBB CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>110122108</cusip>
		<value>3188724</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>25355093</value>
		<shrsOrPrnAmt>
			<sshPrnamt>19130</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>19130</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD BUSINESS PARTNERS</nameOfIssuer>
		<titleOfClass>UNIT LTD L P</titleOfClass>
		<cusip>G16234109</cusip>
		<value>109856</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4960</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4960</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD CORP</nameOfIssuer>
		<titleOfClass>CL A LTD VT SH</titleOfClass>
		<cusip>11271J107</cusip>
		<value>17961430</value>
		<shrsOrPrnAmt>
			<sshPrnamt>429230</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>299255</Sole>
			<Shared>0</Shared>
			<None>129975</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD INFRAST PARTNERS</nameOfIssuer>
		<titleOfClass>LP INT UNIT</titleOfClass>
		<cusip>G16252101</cusip>
		<value>51015861</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1633593</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1553286</Sole>
			<Shared>0</Shared>
			<None>80307</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD INFRASTRUCTURE CO</nameOfIssuer>
		<titleOfClass>COM SB VTG SHS A</titleOfClass>
		<cusip>11275Q107</cusip>
		<value>648505</value>
		<shrsOrPrnAmt>
			<sshPrnamt>18000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>18000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BROOKFIELD RENEWABLE PARTNER</nameOfIssuer>
		<titleOfClass>PARTNERSHIP UNIT</titleOfClass>
		<cusip>G16258108</cusip>
		<value>20360465</value>
		<shrsOrPrnAmt>
			<sshPrnamt>875500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>875500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>BRP INC</nameOfIssuer>
		<titleOfClass>COM SUN VTG</titleOfClass>
		<cusip>05577W200</cusip>
		<value>5032731</value>
		<shrsOrPrnAmt>
			<sshPrnamt>60470</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>50070</Sole>
			<Shared>0</Shared>
			<None>10400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CAESARS ENTERTAINMENT INC NE</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>12769G100</cusip>
		<value>481140</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>11000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CAMECO CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13321L108</cusip>
		<value>9390193</value>
		<shrsOrPrnAmt>
			<sshPrnamt>216900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>147400</Sole>
			<Shared>0</Shared>
			<None>69500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CANADIAN IMPERIAL BK COMM TO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>136069101</cusip>
		<value>98605101</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1944963</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1789263</Sole>
			<Shared>0</Shared>
			<None>155700</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CANADIAN NAT RES LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>136385101</cusip>
		<value>35200095</value>
		<shrsOrPrnAmt>
			<sshPrnamt>461420</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>348320</Sole>
			<Shared>0</Shared>
			<None>113100</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CANADIAN NATL RY CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>136375102</cusip>
		<value>42774825</value>
		<shrsOrPrnAmt>
			<sshPrnamt>324822</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>275911</Sole>
			<Shared>0</Shared>
			<None>48911</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CANADIAN PACIFIC KANSAS CITY</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13646K108</cusip>
		<value>18023482</value>
		<shrsOrPrnAmt>
			<sshPrnamt>204411</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>122411</Sole>
			<Shared>0</Shared>
			<None>82000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CAPITAL ONE FINL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>14040H105</cusip>
		<value>2933133</value>
		<shrsOrPrnAmt>
			<sshPrnamt>19700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>19700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CARDINAL HEALTH INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>14149Y108</cusip>
		<value>3871740</value>
		<shrsOrPrnAmt>
			<sshPrnamt>34600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>34600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CASELLA WASTE SYS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>147448104</cusip>
		<value>632768</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>CATERPILLAR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>149123101</cusip>
		<value>4213945</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>CELESTICA INC</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>15101Q108</cusip>
		<value>6087348</value>
		<shrsOrPrnAmt>
			<sshPrnamt>135480</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>91080</Sole>
			<Shared>0</Shared>
			<None>44400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CENOVUS ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>15135U109</cusip>
		<value>65855681</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3294000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2911428</Sole>
			<Shared>0</Shared>
			<None>382572</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CENTERRA GOLD INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>152006102</cusip>
		<value>3875083</value>
		<shrsOrPrnAmt>
			<sshPrnamt>656100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>606900</Sole>
			<Shared>0</Shared>
			<None>49200</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CHEVRON CORP NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>166764100</cusip>
		<value>2444970</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>15500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CHIPOTLE MEXICAN GRILL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>169656105</cusip>
		<value>581354</value>
		<shrsOrPrnAmt>
			<sshPrnamt>200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CISCO SYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>17275R102</cusip>
		<value>13380871</value>
		<shrsOrPrnAmt>
			<sshPrnamt>268100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>268100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CITIGROUP INC</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>172967424</cusip>
		<value>1979412</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>31300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COCA COLA CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>191216100</cusip>
		<value>8920044</value>
		<shrsOrPrnAmt>
			<sshPrnamt>145800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>145800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COLGATE PALMOLIVE CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>194162103</cusip>
		<value>2989660</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>33200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>COMCAST CORP NEW</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>20030N101</cusip>
		<value>11600460</value>
		<shrsOrPrnAmt>
			<sshPrnamt>267600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>267600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CONSTELLATION BRANDS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>21036P108</cusip>
		<value>679400</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>CONSTELLATION ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>21037T109</cusip>
		<value>370</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>6137152</value>
		<shrsOrPrnAmt>
			<sshPrnamt>186200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>186200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CORTEVA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22052L104</cusip>
		<value>346020</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>22960967</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2806916</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2806916</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CRONOS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22717L101</cusip>
		<value>1591904</value>
		<shrsOrPrnAmt>
			<sshPrnamt>607390</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>363600</Sole>
			<Shared>0</Shared>
			<None>243790</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CROWN CASTLE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>22822V101</cusip>
		<value>2878576</value>
		<shrsOrPrnAmt>
			<sshPrnamt>27200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>27200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CSX CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>126408103</cusip>
		<value>3836745</value>
		<shrsOrPrnAmt>
			<sshPrnamt>103500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>103500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CUMMINS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>231021106</cusip>
		<value>5126910</value>
		<shrsOrPrnAmt>
			<sshPrnamt>17400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>17400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>CVS HEALTH CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>126650100</cusip>
		<value>2695888</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>33800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DEERE &amp; CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>244199105</cusip>
		<value>492888</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>DELTA AIR LINES INC DEL</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>247361702</cusip>
		<value>277646</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>5404670</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2762500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1653600</Sole>
			<Shared>0</Shared>
			<None>1108900</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>DEXCOM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>252131107</cusip>
		<value>138700</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>DIAMONDBACK ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>25278X109</cusip>
		<value>5330773</value>
		<shrsOrPrnAmt>
			<sshPrnamt>26900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>26900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DIGITAL RLTY TR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>253868103</cusip>
		<value>6597032</value>
		<shrsOrPrnAmt>
			<sshPrnamt>45800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>45800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>254687106</cusip>
		<value>874874</value>
		<shrsOrPrnAmt>
			<sshPrnamt>7150</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>7150</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DOLLAR TREE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>256746108</cusip>
		<value>599175</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>DUKE ENERGY CORP NEW</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>26441C204</cusip>
		<value>4206885</value>
		<shrsOrPrnAmt>
			<sshPrnamt>43500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>43500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>DUPONT DE NEMOURS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26614N102</cusip>
		<value>230010</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>E L F BEAUTY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26856L103</cusip>
		<value>372457</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>EASTMAN CHEM CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>277432100</cusip>
		<value>3287216</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>G29183103</cusip>
		<value>2157492</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>6900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ECOLAB INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>278865100</cusip>
		<value>3879120</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>16800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EDWARDS LIFESCIENCES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>28176E108</cusip>
		<value>554248</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>ELI LILLY &amp; CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>532457108</cusip>
		<value>1089144</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>EMERSON ELEC CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>291011104</cusip>
		<value>9992302</value>
		<shrsOrPrnAmt>
			<sshPrnamt>88100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>88100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ENBRIDGE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29250N105</cusip>
		<value>76692128</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2122155</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1810655</Sole>
			<Shared>0</Shared>
			<None>311500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EOG RES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>26875P101</cusip>
		<value>4154800</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>EQUINOX GOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>29446Y502</cusip>
		<value>682190</value>
		<shrsOrPrnAmt>
			<sshPrnamt>113100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>67700</Sole>
			<Shared>0</Shared>
			<None>45400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ERO COPPER CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>296006109</cusip>
		<value>559232</value>
		<shrsOrPrnAmt>
			<sshPrnamt>29000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>17400</Sole>
			<Shared>0</Shared>
			<None>11600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXELON CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30161N101</cusip>
		<value>4846530</value>
		<shrsOrPrnAmt>
			<sshPrnamt>129000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>129000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>30225T102</cusip>
		<value>2102100</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>9752536</value>
		<shrsOrPrnAmt>
			<sshPrnamt>83900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>83900</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>2389608</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>4369202</value>
		<shrsOrPrnAmt>
			<sshPrnamt>58900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>58900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FORTIS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>349553107</cusip>
		<value>1335530</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>33800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>351858105</cusip>
		<value>19064146</value>
		<shrsOrPrnAmt>
			<sshPrnamt>159990</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>99590</Sole>
			<Shared>0</Shared>
			<None>60400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>35671D857</cusip>
		<value>329140</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>GALLAGHER ARTHUR J &amp; CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>363576109</cusip>
		<value>800128</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>GEN DIGITAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>668771108</cusip>
		<value>4238080</value>
		<shrsOrPrnAmt>
			<sshPrnamt>189200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>189200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>37045V100</cusip>
		<value>4376275</value>
		<shrsOrPrnAmt>
			<sshPrnamt>96500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>96500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GENUINE PARTS CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>372460105</cusip>
		<value>4632407</value>
		<shrsOrPrnAmt>
			<sshPrnamt>29900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>29900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GFL ENVIRONMENTAL INC</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>36168Q104</cusip>
		<value>7456220</value>
		<shrsOrPrnAmt>
			<sshPrnamt>216216</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>216216</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GILDAN ACTIVEWEAR INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>375916103</cusip>
		<value>10730205</value>
		<shrsOrPrnAmt>
			<sshPrnamt>289120</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>268120</Sole>
			<Shared>0</Shared>
			<None>21000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>375558103</cusip>
		<value>6328800</value>
		<shrsOrPrnAmt>
			<sshPrnamt>86400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>86400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GLOBAL PMTS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>37940X102</cusip>
		<value>668300</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>38141G104</cusip>
		<value>1963143</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4700</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>25999447</value>
		<shrsOrPrnAmt>
			<sshPrnamt>455520</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>455520</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>GXO LOGISTICS INCORPORATED</nameOfIssuer>
		<titleOfClass>COMMON STOCK</titleOfClass>
		<cusip>36262G101</cusip>
		<value>655750</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>12200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HEALTHPEAK PROPERTIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>42250P103</cusip>
		<value>3485625</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>HERSHEY CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>427866108</cusip>
		<value>1575450</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>8100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>437076102</cusip>
		<value>12083400</value>
		<shrsOrPrnAmt>
			<sshPrnamt>31500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>31500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HONEYWELL INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>438516106</cusip>
		<value>6650100</value>
		<shrsOrPrnAmt>
			<sshPrnamt>32400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>32400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HUDBAY MINERALS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>443628102</cusip>
		<value>6414485</value>
		<shrsOrPrnAmt>
			<sshPrnamt>916500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>548600</Sole>
			<Shared>0</Shared>
			<None>367900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>HUMANA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>444859102</cusip>
		<value>3467200</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>IAMGOLD CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>450913108</cusip>
		<value>2199433</value>
		<shrsOrPrnAmt>
			<sshPrnamt>659100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>394100</Sole>
			<Shared>0</Shared>
			<None>265000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>INCYTE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>45337C102</cusip>
		<value>546912</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>9600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>INGERSOLL RAND INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>45687V106</cusip>
		<value>261113</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>INSULET CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>45784P101</cusip>
		<value>514200</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>INTEL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>458140100</cusip>
		<value>459368</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>INTERCONTINENTAL EXCHANGE IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>45866F104</cusip>
		<value>577206</value>
		<shrsOrPrnAmt>
			<sshPrnamt>4200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>4200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>INTERNATIONAL BUSINESS MACHS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>459200101</cusip>
		<value>11514888</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>INVITATION HOMES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>46187W107</cusip>
		<value>3379389</value>
		<shrsOrPrnAmt>
			<sshPrnamt>94900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>94900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>JACOBS SOLUTIONS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>46982L108</cusip>
		<value>614920</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>9964230</value>
		<shrsOrPrnAmt>
			<sshPrnamt>62989</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>62989</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>JOHNSON CTLS INTL PLC</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>G51502105</cusip>
		<value>4768360</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>10275390</value>
		<shrsOrPrnAmt>
			<sshPrnamt>51300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>51300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KENVUE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49177J102</cusip>
		<value>3238014</value>
		<shrsOrPrnAmt>
			<sshPrnamt>150886</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>150886</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KEURIG DR PEPPER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>49271V100</cusip>
		<value>6787271</value>
		<shrsOrPrnAmt>
			<sshPrnamt>221300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>221300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KEYCORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>493267108</cusip>
		<value>4398342</value>
		<shrsOrPrnAmt>
			<sshPrnamt>278200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>278200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KLA CORP</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>482480100</cusip>
		<value>1012927</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1450</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1450</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KONTOOR BRANDS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>50050N103</cusip>
		<value>2879950</value>
		<shrsOrPrnAmt>
			<sshPrnamt>47800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>47800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>KRAFT HEINZ CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>500754106</cusip>
		<value>1837620</value>
		<shrsOrPrnAmt>
			<sshPrnamt>49800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>49800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>L3HARRIS TECHNOLOGIES INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>502431109</cusip>
		<value>2962090</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>4697973</value>
		<shrsOrPrnAmt>
			<sshPrnamt>44100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>44100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LAUDER ESTEE COS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>518439104</cusip>
		<value>2373910</value>
		<shrsOrPrnAmt>
			<sshPrnamt>15400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>15400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LEGGETT &amp; PLATT INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>524660107</cusip>
		<value>2179270</value>
		<shrsOrPrnAmt>
			<sshPrnamt>113800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>113800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LIGHTSPEED COMMERCE INC</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>53229C107</cusip>
		<value>2300908</value>
		<shrsOrPrnAmt>
			<sshPrnamt>163600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>98200</Sole>
			<Shared>0</Shared>
			<None>65400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LITHIUM AMERICAS ARGENTINA C</nameOfIssuer>
		<titleOfClass>COM SHS</titleOfClass>
		<cusip>53681K100</cusip>
		<value>2230326</value>
		<shrsOrPrnAmt>
			<sshPrnamt>414400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>249000</Sole>
			<Shared>0</Shared>
			<None>165400</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>539830109</cusip>
		<value>5140031</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>11300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LOWES COS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>548661107</cusip>
		<value>9144807</value>
		<shrsOrPrnAmt>
			<sshPrnamt>35900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>35900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>LYONDELLBASELL INDUSTRIES N</nameOfIssuer>
		<titleOfClass>SHS - A -</titleOfClass>
		<cusip>N53745100</cusip>
		<value>4735564</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>MAGNA INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>559222401</cusip>
		<value>13806874</value>
		<shrsOrPrnAmt>
			<sshPrnamt>253441</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>253441</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MANULIFE FINL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>56501R106</cusip>
		<value>90731960</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3632765</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3264465</Sole>
			<Shared>0</Shared>
			<None>368300</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MASTERCARD INCORPORATED</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>57636Q104</cusip>
		<value>1926280</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>MCDONALDS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>580135101</cusip>
		<value>6794995</value>
		<shrsOrPrnAmt>
			<sshPrnamt>24100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>24100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MEDTRONIC PLC</nameOfIssuer>
		<titleOfClass>SHS</titleOfClass>
		<cusip>G5960L103</cusip>
		<value>3119970</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>19766110</value>
		<shrsOrPrnAmt>
			<sshPrnamt>149800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>149800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>META PLATFORMS INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>30303M102</cusip>
		<value>2427900</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>METHANEX CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>59151K108</cusip>
		<value>7590263</value>
		<shrsOrPrnAmt>
			<sshPrnamt>170300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>170300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>METLIFE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>59156R108</cusip>
		<value>652168</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>8800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MICROCHIP TECHNOLOGY INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>595017104</cusip>
		<value>627970</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>9339984</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>MONDELEZ INTL INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>609207105</cusip>
		<value>4613000</value>
		<shrsOrPrnAmt>
			<sshPrnamt>65900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>65900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>617446448</cusip>
		<value>11186208</value>
		<shrsOrPrnAmt>
			<sshPrnamt>118800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>118800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NETFLIX INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>64110L106</cusip>
		<value>242932</value>
		<shrsOrPrnAmt>
			<sshPrnamt>400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>644535106</cusip>
		<value>2354401</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1398700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>838900</Sole>
			<Shared>0</Shared>
			<None>559800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>65339F101</cusip>
		<value>10008306</value>
		<shrsOrPrnAmt>
			<sshPrnamt>156600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>156600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NORTH AMERN CONSTR GROUP LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>656811106</cusip>
		<value>3833657</value>
		<shrsOrPrnAmt>
			<sshPrnamt>172400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>103500</Sole>
			<Shared>0</Shared>
			<None>68900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NUTRIEN LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>67077M108</cusip>
		<value>48976277</value>
		<shrsOrPrnAmt>
			<sshPrnamt>901459</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>841102</Sole>
			<Shared>0</Shared>
			<None>60357</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NUVEI CORPORATION</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>67079A102</cusip>
		<value>9472246</value>
		<shrsOrPrnAmt>
			<sshPrnamt>299630</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>269430</Sole>
			<Shared>0</Shared>
			<None>30200</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NVIDIA CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>67066G104</cusip>
		<value>6686344</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>OBSIDIAN ENERGY LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>674482203</cusip>
		<value>4204571</value>
		<shrsOrPrnAmt>
			<sshPrnamt>509400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>304900</Sole>
			<Shared>0</Shared>
			<None>204500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>OCCIDENTAL PETE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>674599105</cusip>
		<value>3990386</value>
		<shrsOrPrnAmt>
			<sshPrnamt>61400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>61400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>OPEN TEXT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>683715106</cusip>
		<value>41334783</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1065220</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>988320</Sole>
			<Shared>0</Shared>
			<None>76900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>68827L101</cusip>
		<value>2141761</value>
		<shrsOrPrnAmt>
			<sshPrnamt>130500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>82800</Sole>
			<Shared>0</Shared>
			<None>47700</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PALO ALTO NETWORKS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>697435105</cusip>
		<value>454608</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>PARKER-HANNIFIN CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>701094104</cusip>
		<value>1000422</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>PEMBINA PIPELINE CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>706327103</cusip>
		<value>21798254</value>
		<shrsOrPrnAmt>
			<sshPrnamt>617564</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>617564</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PEPSICO INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>713448108</cusip>
		<value>12233199</value>
		<shrsOrPrnAmt>
			<sshPrnamt>69900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>69900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PERFORMANCE FOOD GROUP CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>71377A103</cusip>
		<value>238816</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>PFIZER INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>717081103</cusip>
		<value>10683750</value>
		<shrsOrPrnAmt>
			<sshPrnamt>385000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>385000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PHILIP MORRIS INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>718172109</cusip>
		<value>13944564</value>
		<shrsOrPrnAmt>
			<sshPrnamt>152200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>152200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PRECISION DRILLING CORP</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>74022D407</cusip>
		<value>5500094</value>
		<shrsOrPrnAmt>
			<sshPrnamt>81750</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>57450</Sole>
			<Shared>0</Shared>
			<None>24300</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PRIMO WATER CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74167P108</cusip>
		<value>10686910</value>
		<shrsOrPrnAmt>
			<sshPrnamt>587000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>587000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PROCTER AND GAMBLE CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>742718109</cusip>
		<value>11665775</value>
		<shrsOrPrnAmt>
			<sshPrnamt>71900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>71900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PROLOGIS INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74340W103</cusip>
		<value>7904354</value>
		<shrsOrPrnAmt>
			<sshPrnamt>60700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>60700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PUBLIC SVC ENTERPRISE GRP IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>744573106</cusip>
		<value>4527684</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>QUALCOMM INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>747525103</cusip>
		<value>7753940</value>
		<shrsOrPrnAmt>
			<sshPrnamt>45800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>45800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RB GLOBAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>74935Q107</cusip>
		<value>62351241</value>
		<shrsOrPrnAmt>
			<sshPrnamt>818598</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>744728</Sole>
			<Shared>0</Shared>
			<None>73870</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>REGENCY CTRS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>758849103</cusip>
		<value>1520056</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>25100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RESTAURANT BRANDS INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>76131D103</cusip>
		<value>48905952</value>
		<shrsOrPrnAmt>
			<sshPrnamt>615814</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>560411</Sole>
			<Shared>0</Shared>
			<None>55403</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ROGERS COMMUNICATIONS INC</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>775109200</cusip>
		<value>61079543</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1490671</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1383671</Sole>
			<Shared>0</Shared>
			<None>107000</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ROYAL BK CDA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>780087102</cusip>
		<value>63746922</value>
		<shrsOrPrnAmt>
			<sshPrnamt>632010</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>467412</Sole>
			<Shared>0</Shared>
			<None>164598</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>RTX CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>75513E101</cusip>
		<value>11147679</value>
		<shrsOrPrnAmt>
			<sshPrnamt>114300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>114300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>S&amp;P GLOBAL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>78409V104</cusip>
		<value>680720</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>SALESFORCE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>79466L302</cusip>
		<value>1075213</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3570</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3570</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SANDSTORM GOLD LTD</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>80013R206</cusip>
		<value>1261174</value>
		<shrsOrPrnAmt>
			<sshPrnamt>240600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>144000</Sole>
			<Shared>0</Shared>
			<None>96600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
		<titleOfClass>COM STK</titleOfClass>
		<cusip>806857108</cusip>
		<value>3699675</value>
		<shrsOrPrnAmt>
			<sshPrnamt>67500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>67500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SCHWAB CHARLES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>808513105</cusip>
		<value>766804</value>
		<shrsOrPrnAmt>
			<sshPrnamt>10600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>10600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SEMPRA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>816851109</cusip>
		<value>5473446</value>
		<shrsOrPrnAmt>
			<sshPrnamt>76200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>76200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SERVICENOW INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>81762P102</cusip>
		<value>914880</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>SHOPIFY INC</nameOfIssuer>
		<titleOfClass>CL A</titleOfClass>
		<cusip>82509L107</cusip>
		<value>36318090</value>
		<shrsOrPrnAmt>
			<sshPrnamt>470745</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>287580</Sole>
			<Shared>0</Shared>
			<None>183165</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SIMON PPTY GROUP INC NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>828806109</cusip>
		<value>3129800</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>735120</value>
		<shrsOrPrnAmt>
			<sshPrnamt>12000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>12000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SKEENA RES LTD NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>83056P715</cusip>
		<value>2392076</value>
		<shrsOrPrnAmt>
			<sshPrnamt>520075</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>311275</Sole>
			<Shared>0</Shared>
			<None>208800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SMUCKER J M CO</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>832696405</cusip>
		<value>1875463</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>14900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SOUTHERN CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>842587107</cusip>
		<value>4820928</value>
		<shrsOrPrnAmt>
			<sshPrnamt>67200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>67200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
		<titleOfClass>TR UNIT</titleOfClass>
		<cusip>78462F103</cusip>
		<value>5745924</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>9413948</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>512899</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>SSR MINING IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>784730103</cusip>
		<value>12237000</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2748759</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2462659</Sole>
			<Shared>0</Shared>
			<None>286100</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STARBUCKS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>855244109</cusip>
		<value>6762860</value>
		<shrsOrPrnAmt>
			<sshPrnamt>74000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>74000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>STATE STR CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>857477103</cusip>
		<value>2683004</value>
		<shrsOrPrnAmt>
			<sshPrnamt>34700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>34700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SUN LIFE FINANCIAL INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>866796105</cusip>
		<value>10601897</value>
		<shrsOrPrnAmt>
			<sshPrnamt>194294</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>194294</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SUNCOR ENERGY INC NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>867224107</cusip>
		<value>63860389</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1730324</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1651798</Sole>
			<Shared>0</Shared>
			<None>78526</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SYNOPSYS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>871607107</cusip>
		<value>714375</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1250</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1250</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TARGET CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87612E106</cusip>
		<value>6007419</value>
		<shrsOrPrnAmt>
			<sshPrnamt>33900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>33900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TC ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87807B107</cusip>
		<value>46719287</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1162404</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1162404</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TECK RESOURCES LTD</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>878742204</cusip>
		<value>4033776</value>
		<shrsOrPrnAmt>
			<sshPrnamt>88125</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>54740</Sole>
			<Shared>0</Shared>
			<None>33385</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TELUS CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87971M103</cusip>
		<value>84503913</value>
		<shrsOrPrnAmt>
			<sshPrnamt>5281982</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>5079182</Sole>
			<Shared>0</Shared>
			<None>202800</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TELUS INTL CDA INC</nameOfIssuer>
		<titleOfClass>SUB VTG SHS</titleOfClass>
		<cusip>87975H100</cusip>
		<value>1652357</value>
		<shrsOrPrnAmt>
			<sshPrnamt>195128</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>141859</Sole>
			<Shared>0</Shared>
			<None>53269</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TESLA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>88160R101</cusip>
		<value>1230530</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>TEXAS INSTRS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>882508104</cusip>
		<value>11689491</value>
		<shrsOrPrnAmt>
			<sshPrnamt>67100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>67100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>THE CIGNA GROUP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>125523100</cusip>
		<value>435828</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>THERMO FISHER SCIENTIFIC INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>883556102</cusip>
		<value>1220541</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>THOMSON REUTERS CORP.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>884903808</cusip>
		<value>544703</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TJX COS INC NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>872540109</cusip>
		<value>243408</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>2400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>T-MOBILE US INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>872590104</cusip>
		<value>652880</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>TORONTO DOMINION BK ONT</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>891160509</cusip>
		<value>117955623</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1954384</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1690710</Sole>
			<Shared>0</Shared>
			<None>263674</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRANSALTA CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>89346D107</cusip>
		<value>11619066</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1811050</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1698550</Sole>
			<Shared>0</Shared>
			<None>112500</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TRIPLE FLAG PRECIOUS METAL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>89679M104</cusip>
		<value>809096</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>TRUIST FINL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>89832Q109</cusip>
		<value>7718040</value>
		<shrsOrPrnAmt>
			<sshPrnamt>198000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>198000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>UNION PAC CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>907818108</cusip>
		<value>8533771</value>
		<shrsOrPrnAmt>
			<sshPrnamt>34700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>34700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>UNITED PARCEL SERVICE INC</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>911312106</cusip>
		<value>7253144</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>1533570</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>3100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>US BANCORP DEL</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>902973304</cusip>
		<value>3097710</value>
		<shrsOrPrnAmt>
			<sshPrnamt>69300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>69300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VALERO ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>91913Y100</cusip>
		<value>3925870</value>
		<shrsOrPrnAmt>
			<sshPrnamt>23000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>23000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VERALTO CORP</nameOfIssuer>
		<titleOfClass>COM SHS</titleOfClass>
		<cusip>92338C103</cusip>
		<value>89</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92343V104</cusip>
		<value>10007460</value>
		<shrsOrPrnAmt>
			<sshPrnamt>238500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>238500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VERMILION ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>923725105</cusip>
		<value>10587629</value>
		<shrsOrPrnAmt>
			<sshPrnamt>851600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>800000</Sole>
			<Shared>0</Shared>
			<None>51600</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>VISA INC</nameOfIssuer>
		<titleOfClass>COM CL A</titleOfClass>
		<cusip>92826C839</cusip>
		<value>893056</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>WALGREENS BOOTS ALLIANCE INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>931427108</cusip>
		<value>4092903</value>
		<shrsOrPrnAmt>
			<sshPrnamt>188700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>188700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WALMART INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>931142103</cusip>
		<value>685938</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>11400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WASTE CONNECTIONS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>94106B101</cusip>
		<value>20097309</value>
		<shrsOrPrnAmt>
			<sshPrnamt>116897</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>72997</Sole>
			<Shared>0</Shared>
			<None>43900</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WASTE MGMT INC DEL</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>94106L109</cusip>
		<value>4049850</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>WEC ENERGY GROUP INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92939U106</cusip>
		<value>3399768</value>
		<shrsOrPrnAmt>
			<sshPrnamt>41400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>41400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WELLS FARGO CO NEW</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>949746101</cusip>
		<value>12351276</value>
		<shrsOrPrnAmt>
			<sshPrnamt>213100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>213100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WEST FRASER TIMBER CO LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>952845105</cusip>
		<value>4541968</value>
		<shrsOrPrnAmt>
			<sshPrnamt>52600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>52600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WESTROCK CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>96145D105</cusip>
		<value>3896660</value>
		<shrsOrPrnAmt>
			<sshPrnamt>78800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>78800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WEYERHAEUSER CO MTN BE</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>962166104</cusip>
		<value>2790207</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>3935970</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>XCEL ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>98389B100</cusip>
		<value>3337875</value>
		<shrsOrPrnAmt>
			<sshPrnamt>62100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>62100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
</informationTable>
