<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>ACCENTURE PLC-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G1151C101</cusip>
			<value>1526</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>20600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AGRIUM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>008916108</cusip>
			<value>43065</value>
			<shrsOrPrnAmt>
				<sshPrnamt>507126</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>507126</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMAZON.COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023135106</cusip>
			<value>1864</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>5900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>025816109</cusip>
			<value>1685</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>AMERICAN INTERNATIONAL GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>026874784</cusip>
			<value>1224</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>24900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANADARKO PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032511107</cusip>
			<value>51910</value>
			<shrsOrPrnAmt>
				<sshPrnamt>549136</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>549136</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANGLOGOLD ASHANTI-SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>035128206</cusip>
			<value>20040</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1513600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1513600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APACHE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037411105</cusip>
			<value>14154</value>
			<shrsOrPrnAmt>
				<sshPrnamt>164100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>164100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APPLE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037833100</cusip>
			<value>3669</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>7600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARCELORMITTAL-NY REGISTERED</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03938L104</cusip>
			<value>24051</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1740300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1740300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARCHER-DANIELS-MIDLAND CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>039483102</cusip>
			<value>34392</value>
			<shrsOrPrnAmt>
				<sshPrnamt>926500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>926500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AT&amp;T INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00206R102</cusip>
			<value>2847</value>
			<shrsOrPrnAmt>
				<sshPrnamt>83800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>83800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BAKER HUGHES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>057224107</cusip>
			<value>39158</value>
			<shrsOrPrnAmt>
				<sshPrnamt>790600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>790600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>060505104</cusip>
			<value>1386</value>
			<shrsOrPrnAmt>
				<sshPrnamt>99700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>99700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>067901108</cusip>
			<value>28936</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1561600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1561600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BCE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05534B760</cusip>
			<value>672</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>15200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BERKSHIRE HATHAWAY INC-CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>084670702</cusip>
			<value>2205</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>19200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BHP BILLITON PLC-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05545E209</cusip>
			<value>152438</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2555118</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2555118</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BP PLC-SPONS ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>055622104</cusip>
			<value>76672</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1791400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1791400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BRISTOL-MYERS SQUIBB CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>110122108</cusip>
			<value>273</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>5900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BUNGE LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G16962105</cusip>
			<value>24639</value>
			<shrsOrPrnAmt>
				<sshPrnamt>323300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>323300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CABOT OIL &amp; GAS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>127097103</cusip>
			<value>15693</value>
			<shrsOrPrnAmt>
				<sshPrnamt>422880</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>422880</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAMERON INTERNATIONAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13342B105</cusip>
			<value>39301</value>
			<shrsOrPrnAmt>
				<sshPrnamt>666000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>666000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CANADIAN NATURAL RESOURCES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136385101</cusip>
			<value>44624</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1417530</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1417530</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAPITAL ONE FINANCIAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14040H105</cusip>
			<value>1365</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>19800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CELANESE CORP-SERIES A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>150870103</cusip>
			<value>30109</value>
			<shrsOrPrnAmt>
				<sshPrnamt>573500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>573500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CELGENE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>151020104</cusip>
			<value>1701</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>CF INDUSTRIES HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125269100</cusip>
			<value>20501</value>
			<shrsOrPrnAmt>
				<sshPrnamt>97400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>97400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHEVRON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>93579</value>
			<shrsOrPrnAmt>
				<sshPrnamt>763036</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>763036</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHICAGO BRIDGE &amp; IRON CO NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>167250109</cusip>
			<value>888</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>13200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHINA PETROLEUM &amp; CHEM-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16941R108</cusip>
			<value>13590</value>
			<shrsOrPrnAmt>
				<sshPrnamt>171390</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>171390</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CISCO SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17275R102</cusip>
			<value>1125</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>48200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CITIGROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172967424</cusip>
			<value>2000</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>40900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CLIFFS NATURAL RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>18683K101</cusip>
			<value>22286</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1061259</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1061259</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CNOOC LTD-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126132109</cusip>
			<value>22284</value>
			<shrsOrPrnAmt>
				<sshPrnamt>109252</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>109252</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COBALT INTERNATIONAL ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>19075F106</cusip>
			<value>16418</value>
			<shrsOrPrnAmt>
				<sshPrnamt>651512</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>651512</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COCA-COLA CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>191216100</cusip>
			<value>2108</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>54900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONSOLIDATED EDISON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>209115104</cusip>
			<value>1103</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>DEVON ENERGY CORPORATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25179M103</cusip>
			<value>15974</value>
			<shrsOrPrnAmt>
				<sshPrnamt>272076</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>272076</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DR HORTON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23331A109</cusip>
			<value>663</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>DRIL-QUIP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>262037104</cusip>
			<value>20203</value>
			<shrsOrPrnAmt>
				<sshPrnamt>176936</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>176936</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DU PONT (E.I.) DE NEMOURS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>263534109</cusip>
			<value>1168</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>19800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DUKE ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26441C204</cusip>
			<value>204</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3049</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>3049</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EAGLE MATERIALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26969P108</cusip>
			<value>871</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>11900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EATON CORP PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G29183103</cusip>
			<value>1303</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>18700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EBAY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278642103</cusip>
			<value>1467</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>26300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ELDORADO GOLD CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>284902103</cusip>
			<value>14975</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2251950</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2251950</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>532457108</cusip>
			<value>1116</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>22100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ENCANA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>292505104</cusip>
			<value>28479</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1642400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1642400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ENSCO PLC-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G3157S106</cusip>
			<value>14012</value>
			<shrsOrPrnAmt>
				<sshPrnamt>257109</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>257109</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EOG RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26875P101</cusip>
			<value>1571</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>9200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>144946</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1667972</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1667972</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FACEBOOK INC-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30303M102</cusip>
			<value>543</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>FLUOR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>343412102</cusip>
			<value>938</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>13200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FMC TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30249U101</cusip>
			<value>34212</value>
			<shrsOrPrnAmt>
				<sshPrnamt>618332</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>618332</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FORD MOTOR CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>345370860</cusip>
			<value>1301</value>
			<shrsOrPrnAmt>
				<sshPrnamt>76300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>76300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>354613101</cusip>
			<value>1276</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>FREEPORT-MCMORAN COPPER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35671D857</cusip>
			<value>118801</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3554800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>3554800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369604103</cusip>
			<value>3081</value>
			<shrsOrPrnAmt>
				<sshPrnamt>128100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>128100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GERDAU SA -SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>373737105</cusip>
			<value>15456</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2049900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2049900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375558103</cusip>
			<value>1951</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>30700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOLDCORP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>380956409</cusip>
			<value>54672</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2122363</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2122363</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38141G104</cusip>
			<value>1327</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>8300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOOGLE INC-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38259P508</cusip>
			<value>2892</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>3300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>406216101</cusip>
			<value>38233</value>
			<shrsOrPrnAmt>
				<sshPrnamt>790100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>790100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HELMERICH &amp; PAYNE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>423452101</cusip>
			<value>663</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>HESS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42809H107</cusip>
			<value>20935</value>
			<shrsOrPrnAmt>
				<sshPrnamt>267270</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>267270</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOLLYFRONTIER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>436106108</cusip>
			<value>896</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>21000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>437076102</cusip>
			<value>2416</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>31800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTEL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>458140100</cusip>
			<value>391</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>17000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTERNATIONAL PAPER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>460146103</cusip>
			<value>72995</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1606400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1606400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTL BUSINESS MACHINES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>459200101</cusip>
			<value>1589</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>8500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>478160104</cusip>
			<value>2949</value>
			<shrsOrPrnAmt>
				<sshPrnamt>34000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>34000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46625H100</cusip>
			<value>2108</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40349</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>40349</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KEY ENERGY SERVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>492914106</cusip>
			<value>21079</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2856257</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2856257</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>496902404</cusip>
			<value>21226</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4253700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>4253700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LYONDELLBASELL INDU-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N53745100</cusip>
			<value>33363</value>
			<shrsOrPrnAmt>
				<sshPrnamt>454600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>454600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARATHON OIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>565849106</cusip>
			<value>23581</value>
			<shrsOrPrnAmt>
				<sshPrnamt>675680</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>675680</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MCDONALD&apos;S CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>580135101</cusip>
			<value>1447</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>MERCK &amp; CO. INC.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>927</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>19400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MICHAEL KORS HOLDINGS LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G60754101</cusip>
			<value>1407</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>18900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>595112103</cusip>
			<value>920</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>52200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>594918104</cusip>
			<value>2831</value>
			<shrsOrPrnAmt>
				<sshPrnamt>85000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>85000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MONSANTO CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61166W101</cusip>
			<value>114354</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1082800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1082800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MOSAIC CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61945C103</cusip>
			<value>67144</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1546029</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1546029</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MYLAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>628530107</cusip>
			<value>1456</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>38000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NATIONAL OILWELL VARCO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>637071101</cusip>
			<value>41470</value>
			<shrsOrPrnAmt>
				<sshPrnamt>531600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>531600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NOBLE ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655044105</cusip>
			<value>26362</value>
			<shrsOrPrnAmt>
				<sshPrnamt>393400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>393400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NUCOR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>670346105</cusip>
			<value>45662</value>
			<shrsOrPrnAmt>
				<sshPrnamt>935700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>935700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>40722</value>
			<shrsOrPrnAmt>
				<sshPrnamt>431100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>431100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OCEANEERING INTL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>675232102</cusip>
			<value>747</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>9300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ORACLE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68389X105</cusip>
			<value>922</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>27300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PEABODY ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>704549104</cusip>
			<value>17971</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1027500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1027500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PETROCHINA CO LTD -ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71646E100</cusip>
			<value>21408</value>
			<shrsOrPrnAmt>
				<sshPrnamt>190836</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>190836</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PETROLEO BRASILEIRO S.A.-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71654V408</cusip>
			<value>32951</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2139700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2139700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PETROLEO BRASILEIRO-SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71654V101</cusip>
			<value>535</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>32500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PFIZER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>717081103</cusip>
			<value>2595</value>
			<shrsOrPrnAmt>
				<sshPrnamt>89841</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>89841</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718546104</cusip>
			<value>13245</value>
			<shrsOrPrnAmt>
				<sshPrnamt>226300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>226300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>POSCO-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693483109</cusip>
			<value>17291</value>
			<shrsOrPrnAmt>
				<sshPrnamt>232100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>232100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>POTASH CORP OF SASKATCHEWAN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>73755L107</cusip>
			<value>113926</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3604115</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>3604115</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROCTER &amp; GAMBLE CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>742718109</cusip>
			<value>2439</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31588</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>31588</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PVH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693656100</cusip>
			<value>1398</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>11800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUALCOMM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>747525103</cusip>
			<value>1449</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>21500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RANDGOLD RESOURCES LTD-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>752344309</cusip>
			<value>28830</value>
			<shrsOrPrnAmt>
				<sshPrnamt>401922</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>401922</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RIO TINTO PLC-SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>767204100</cusip>
			<value>106078</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2143847</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2143847</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROWAN COMPANIES PLC-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G7665A101</cusip>
			<value>7502</value>
			<shrsOrPrnAmt>
				<sshPrnamt>203800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>203800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROYAL BANK OF CANADA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>780087102</cusip>
			<value>612</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>9200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROYAL DUTCH SHELL PLC-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>780259206</cusip>
			<value>136358</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2069791</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2069791</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SAFEWAY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>786514208</cusip>
			<value>248</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>7700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SANDISK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>80004C101</cusip>
			<value>557</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>9300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
			<value>68567</value>
			<shrsOrPrnAmt>
				<sshPrnamt>771984</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>771984</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SM ENERGY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78454L100</cusip>
			<value>19926</value>
			<shrsOrPrnAmt>
				<sshPrnamt>257207</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>257207</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SOUTHWESTERN ENERGY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>845467109</cusip>
			<value>34257</value>
			<shrsOrPrnAmt>
				<sshPrnamt>940100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>940100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SUPERIOR ENERGY SERVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>868157108</cusip>
			<value>22792</value>
			<shrsOrPrnAmt>
				<sshPrnamt>897661</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>897661</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYNGENTA AG-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87160A100</cusip>
			<value>65117</value>
			<shrsOrPrnAmt>
				<sshPrnamt>788622</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>788622</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TECK RESOURCES LTD-CLS B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>878742204</cusip>
			<value>46641</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1709724</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1709724</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TIDEWATER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>886423102</cusip>
			<value>28935</value>
			<shrsOrPrnAmt>
				<sshPrnamt>491508</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>491508</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TORONTO-DOMINION BANK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>891160509</cusip>
			<value>844</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>9100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TOTAL SA-SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89151E109</cusip>
			<value>108875</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1848158</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1848158</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TWENTY-FIRST CENTURY FOX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90130A101</cusip>
			<value>1191</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>UNION PACIFIC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>907818108</cusip>
			<value>1863</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>11900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITED PARCEL SERVICE-CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911312106</cusip>
			<value>1779</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>19500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91324P102</cusip>
			<value>943</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>13100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VALE SA-SP ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91912E105</cusip>
			<value>35570</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2280100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2280100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VALE SA-SP PREF ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91912E204</cusip>
			<value>454</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>32100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VALERO ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
			<value>13121</value>
			<shrsOrPrnAmt>
				<sshPrnamt>382549</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>382549</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343V104</cusip>
			<value>1368</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>29100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VISA INC-CLASS A SHARES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92826C839</cusip>
			<value>1429</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>WAL-MART STORES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931142103</cusip>
			<value>1669</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22449</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>22449</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WALT DISNEY CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254687106</cusip>
			<value>2053</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>WEATHERFORD INTL LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H27013103</cusip>
			<value>23217</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1521400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1521400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WELLS FARGO &amp; CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>949746101</cusip>
			<value>2441</value>
			<shrsOrPrnAmt>
				<sshPrnamt>58700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>58700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WEYERHAEUSER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>962166104</cusip>
			<value>45742</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1581143</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1581143</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WHITING PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>966387102</cusip>
			<value>15674</value>
			<shrsOrPrnAmt>
				<sshPrnamt>261324</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>261324</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
</informationTable>
