<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>3M CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88579Y101</cusip>
			<value>526</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3700</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBOTT LABORATORIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>002824100</cusip>
			<value>381</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBVIE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00287Y109</cusip>
			<value>1276</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>12700</Sole>
				<Shared>0</Shared>
				<None>9100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AGRIUM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>008916108</cusip>
			<value>35112</value>
			<shrsOrPrnAmt>
				<sshPrnamt>392226</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>392226</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALCOA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>013817101</cusip>
			<value>4170</value>
			<shrsOrPrnAmt>
				<sshPrnamt>261800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>261800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALTRIA GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02209S103</cusip>
			<value>783</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>AMAZON.COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023135106</cusip>
			<value>740</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>025816109</cusip>
			<value>536</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN INTERNATIONAL GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>026874784</cusip>
			<value>433</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>8000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMGEN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>031162100</cusip>
			<value>588</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANADARKO PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032511107</cusip>
			<value>27296</value>
			<shrsOrPrnAmt>
				<sshPrnamt>261836</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>261836</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANGLOGOLD ASHANTI-SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>035128206</cusip>
			<value>9454</value>
			<shrsOrPrnAmt>
				<sshPrnamt>776800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>776800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APPLE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037833100</cusip>
			<value>3684</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1800</Sole>
				<Shared>0</Shared>
				<None>35000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARCELORMITTAL-NY REGISTERED</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03938L104</cusip>
			<value>8290</value>
			<shrsOrPrnAmt>
				<sshPrnamt>602500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>602500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARCHER-DANIELS-MIDLAND CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>039483102</cusip>
			<value>53679</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1046387</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1007687</Sole>
				<Shared>0</Shared>
				<None>38700</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AT&amp;T INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00206R102</cusip>
			<value>1290</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>9200</Sole>
				<Shared>0</Shared>
				<None>27500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AXIALL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05463D100</cusip>
			<value>12444</value>
			<shrsOrPrnAmt>
				<sshPrnamt>331742</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>331742</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BAKER HUGHES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>057224107</cusip>
			<value>20569</value>
			<shrsOrPrnAmt>
				<sshPrnamt>310900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>310900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANCO BRADESCO-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>059460303</cusip>
			<value>332</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>22800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>060505104</cusip>
			<value>1014</value>
			<shrsOrPrnAmt>
				<sshPrnamt>59600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>59600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK OF NOVA SCOTIA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>064149107</cusip>
			<value>464</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6700</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>067901108</cusip>
			<value>13206</value>
			<shrsOrPrnAmt>
				<sshPrnamt>880400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>880400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BERKSHIRE HATHAWAY INC-CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>084670702</cusip>
			<value>858</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BHP BILLITON PLC-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05545E209</cusip>
			<value>79722</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1426918</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1426918</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BIOGEN IDEC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09062X103</cusip>
			<value>429</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BP PLC-SPONS ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>055622104</cusip>
			<value>46322</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1040000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1040000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BRISTOL-MYERS SQUIBB CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>110122108</cusip>
			<value>1194</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>13700</Sole>
				<Shared>0</Shared>
				<None>9400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CABOT OIL &amp; GAS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>127097103</cusip>
			<value>15669</value>
			<shrsOrPrnAmt>
				<sshPrnamt>474680</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>474680</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAMERON INTERNATIONAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13342B105</cusip>
			<value>19585</value>
			<shrsOrPrnAmt>
				<sshPrnamt>291100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>291100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CANADIAN NATURAL RESOURCES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136385101</cusip>
			<value>12219</value>
			<shrsOrPrnAmt>
				<sshPrnamt>308830</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>302530</Sole>
				<Shared>0</Shared>
				<None>6300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAPITAL ONE FINANCIAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14040H105</cusip>
			<value>278</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CATERPILLAR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>149123101</cusip>
			<value>399</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CELANESE CORP-SERIES A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>150870103</cusip>
			<value>8353</value>
			<shrsOrPrnAmt>
				<sshPrnamt>139700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>139700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CELGENE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>151020104</cusip>
			<value>440</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CENTERPOINT ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15189T107</cusip>
			<value>545</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>CF INDUSTRIES HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125269100</cusip>
			<value>11201</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>40200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHEVRON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>57543</value>
			<shrsOrPrnAmt>
				<sshPrnamt>477336</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>466939</Sole>
				<Shared>0</Shared>
				<None>10400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHINA PETROLEUM &amp; CHEM-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16941R108</cusip>
			<value>7847</value>
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				<Sole>89890</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CISCO SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17275R102</cusip>
			<value>1148</value>
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				<sshPrnamt>45700</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>18800</Sole>
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				<None>26900</None>
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		<infoTable>
			<nameOfIssuer>CITIGROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172967424</cusip>
			<value>885</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>17000</None>
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		<infoTable>
			<nameOfIssuer>CLIFFS NATURAL RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>18683K101</cusip>
			<value>4732</value>
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				<sshPrnamt>458059</sshPrnamt>
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			<nameOfIssuer>CNOOC LTD-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126132109</cusip>
			<value>9709</value>
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			<nameOfIssuer>COBALT INTERNATIONAL ENERGY</nameOfIssuer>
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			<cusip>19075F106</cusip>
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			<nameOfIssuer>COCA-COLA CO/THE</nameOfIssuer>
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			<cusip>191216100</cusip>
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				<None>21400</None>
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			<nameOfIssuer>COGNIZANT TECH SOLUTIONS-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>192446102</cusip>
			<value>1974</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>44500</None>
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		<infoTable>
			<nameOfIssuer>COLGATE-PALMOLIVE CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>194162103</cusip>
			<value>341</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>5200</None>
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		<infoTable>
			<nameOfIssuer>COMCAST CORP-CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20030N101</cusip>
			<value>655</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>12100</None>
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			<nameOfIssuer>CONCHO RESOURCES INC</nameOfIssuer>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
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		<infoTable>
			<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20825C104</cusip>
			<value>1433</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>6600</None>
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		<infoTable>
			<nameOfIssuer>CONSOLIDATED EDISON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>209115104</cusip>
			<value>254</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>4500</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>COSTCO WHOLESALE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22160K105</cusip>
			<value>338</value>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>2700</None>
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		<infoTable>
			<nameOfIssuer>CVS HEALTH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126650100</cusip>
			<value>552</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
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				<None>6900</None>
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		<infoTable>
			<nameOfIssuer>DELTA AIR LINES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>247361702</cusip>
			<value>1948</value>
			<shrsOrPrnAmt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
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				<None>54100</None>
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		<infoTable>
			<nameOfIssuer>DOMINION RESOURCES INC/VA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25746U109</cusip>
			<value>240</value>
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				<sshPrnamt>3500</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
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				<None>3500</None>
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			<nameOfIssuer>DOW CHEMICAL CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>260543103</cusip>
			<value>20492</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>376600</Sole>
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				<None>7000</None>
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			<nameOfIssuer>DRIL-QUIP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>262037104</cusip>
			<value>10011</value>
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				<sshPrnamt>110136</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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		<infoTable>
			<nameOfIssuer>DU PONT (E.I.) DE NEMOURS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>263534109</cusip>
			<value>771</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>5300</Sole>
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				<None>5400</None>
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		<infoTable>
			<nameOfIssuer>DUKE ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26441C204</cusip>
			<value>389</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>949</Sole>
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			<nameOfIssuer>EBAY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278642103</cusip>
			<value>332</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>6300</None>
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			<nameOfIssuer>ELDORADO GOLD CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>284902103</cusip>
			<value>15390</value>
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			<nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>532457108</cusip>
			<value>287</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>4400</Sole>
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			<nameOfIssuer>EMC CORP/MA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>268648102</cusip>
			<value>303</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>10500</None>
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			<nameOfIssuer>ENCANA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>292505104</cusip>
			<value>8029</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>371900</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>EOG RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26875P101</cusip>
			<value>326</value>
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				<sshPrnamt>3200</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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			<nameOfIssuer>EQT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26884L109</cusip>
			<value>14628</value>
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			<nameOfIssuer>ESTEE LAUDER COMPANIES-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>518439104</cusip>
			<value>2002</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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			<nameOfIssuer>EXPRESS SCRIPTS HOLDING CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30219G108</cusip>
			<value>343</value>
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		<infoTable>
			<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>80603</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
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		<infoTable>
			<nameOfIssuer>FACEBOOK INC-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30303M102</cusip>
			<value>782</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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			<nameOfIssuer>FEDEX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31428X106</cusip>
			<value>292</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>1800</None>
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			<nameOfIssuer>FLUOR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>343412102</cusip>
			<value>1765</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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		<infoTable>
			<nameOfIssuer>FMC TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30249U101</cusip>
			<value>14476</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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		<infoTable>
			<nameOfIssuer>FORD MOTOR CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>345370860</cusip>
			<value>302</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
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				<Shared>0</Shared>
				<None>20000</None>
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		<infoTable>
			<nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35671D857</cusip>
			<value>58489</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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			<nameOfIssuer>GARMIN LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H2906T109</cusip>
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				<None>0</None>
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			<nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
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			<cusip>369604103</cusip>
			<value>1431</value>
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				<None>56300</None>
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			<nameOfIssuer>GENWORTH FINANCIAL INC-CL A</nameOfIssuer>
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				<None>112900</None>
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			<nameOfIssuer>GERDAU SA -SPON ADR</nameOfIssuer>
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				<Sole>1057100</Sole>
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				<None>91200</None>
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			<nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
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			<value>1161</value>
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				<None>10800</None>
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			<nameOfIssuer>GOLDCORP INC</nameOfIssuer>
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			<nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
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				<None>13200</None>
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			<nameOfIssuer>GOODYEAR TIRE &amp; RUBBER CO</nameOfIssuer>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>72500</None>
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			<nameOfIssuer>GOOGLE INC-CL A</nameOfIssuer>
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			<nameOfIssuer>GOOGLE INC-CL C</nameOfIssuer>
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			<nameOfIssuer>H.B. FULLER CO.</nameOfIssuer>
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				<None>0</None>
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			<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
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				<Sole>356800</Sole>
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				<None>33000</None>
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			<nameOfIssuer>HCA HOLDINGS INC</nameOfIssuer>
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			<nameOfIssuer>HESS CORP</nameOfIssuer>
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			<nameOfIssuer>HEWLETT-PACKARD CO</nameOfIssuer>
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			<cusip>428236103</cusip>
			<value>395</value>
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			<nameOfIssuer>HOLLYFRONTIER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>436106108</cusip>
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				<Sole>294200</Sole>
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				<None>0</None>
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			<nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
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			<value>724</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
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				<None>7800</None>
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			<nameOfIssuer>HUNTINGTON BANCSHARES INC</nameOfIssuer>
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			<nameOfIssuer>INTEL CORP</nameOfIssuer>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>24600</None>
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			<nameOfIssuer>INTERNATIONAL PAPER CO</nameOfIssuer>
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			<cusip>460146103</cusip>
			<value>39008</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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			<nameOfIssuer>INTL BUSINESS MACHINES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>459200101</cusip>
			<value>1024</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>5400</None>
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			<nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>15700</None>
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			<nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<nameOfIssuer>KIMBERLY-CLARK CORP</nameOfIssuer>
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			<value>486</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>0</None>
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			<nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<value>580</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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			<nameOfIssuer>LORILLARD INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>LOWE&apos;S COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>548661107</cusip>
			<value>357</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>6700</None>
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		<infoTable>
			<nameOfIssuer>LYONDELLBASELL INDU-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N53745100</cusip>
			<value>16961</value>
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			<votingAuthority>
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			<nameOfIssuer>MARATHON OIL CORP</nameOfIssuer>
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			<value>19126</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>495480</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MARTIN MARIETTA MATERIALS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>573284106</cusip>
			<value>12113</value>
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			<votingAuthority>
				<Sole>93400</Sole>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>MASTERCARD INC-CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57636Q104</cusip>
			<value>417</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
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				<None>5600</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>MCDONALD&apos;S CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>580135101</cusip>
			<value>558</value>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
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				<None>5800</None>
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		<infoTable>
			<nameOfIssuer>MEDTRONIC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>585055106</cusip>
			<value>369</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<Sole>0</Sole>
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				<None>5900</None>
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		<infoTable>
			<nameOfIssuer>MERCK &amp; CO. INC.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>2448</value>
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				<sshPrnamt>41200</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<Sole>25100</Sole>
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				<None>16100</None>
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		<infoTable>
			<nameOfIssuer>METLIFE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59156R108</cusip>
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			<investmentDiscretion>SOLE</investmentDiscretion>
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				<None>38100</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>595112103</cusip>
			<value>2353</value>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
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		<infoTable>
			<nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>594918104</cusip>
			<value>2192</value>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1800</Sole>
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				<None>45400</None>
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		<infoTable>
			<nameOfIssuer>MONDELEZ INTERNATIONAL INC-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>609207105</cusip>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9600</None>
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		<infoTable>
			<nameOfIssuer>MONSANTO CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61166W101</cusip>
			<value>58994</value>
			<shrsOrPrnAmt>
				<sshPrnamt>522400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>519500</Sole>
				<Shared>0</Shared>
				<None>2900</None>
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		<infoTable>
			<nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>617446448</cusip>
			<value>321</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9300</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>MOSAIC CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61945C103</cusip>
			<value>37314</value>
			<shrsOrPrnAmt>
				<sshPrnamt>821529</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>783429</Sole>
				<Shared>0</Shared>
				<None>38100</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>NIKE INC -CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>654106103</cusip>
			<value>356</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NUCOR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>670346105</cusip>
			<value>26183</value>
			<shrsOrPrnAmt>
				<sshPrnamt>479900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>479900</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
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			<nameOfIssuer>OASIS PETROLEUM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674215108</cusip>
			<value>18884</value>
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				<sshPrnamt>444950</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>444950</Sole>
				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>21857</value>
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				<sshPrnamt>224800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>220100</Sole>
				<Shared>0</Shared>
				<None>4700</None>
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		<infoTable>
			<nameOfIssuer>OCEANEERING INTL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>675232102</cusip>
			<value>16376</value>
			<shrsOrPrnAmt>
				<sshPrnamt>250400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>250400</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>ORACLE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68389X105</cusip>
			<value>769</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>20000</None>
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		<infoTable>
			<nameOfIssuer>PEABODY ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>704549104</cusip>
			<value>11063</value>
			<shrsOrPrnAmt>
				<sshPrnamt>919600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>919600</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>PEPSICO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>713448108</cusip>
			<value>829</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>8900</None>
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		<infoTable>
			<nameOfIssuer>PETROCHINA CO LTD -ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71646E100</cusip>
			<value>12535</value>
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				<sshPrnamt>97036</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>97036</Sole>
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				<None>0</None>
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			<nameOfIssuer>PETROLEO BRASILEIRO S.A.-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71654V408</cusip>
			<value>16139</value>
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				<sshPrnamt>1097900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1097900</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>PETROLEO BRASIL-SP PREF  ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71654V101</cusip>
			<value>266</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>17300</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>PFIZER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>717081103</cusip>
			<value>1156</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38841</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>3800</Sole>
				<Shared>0</Shared>
				<None>35041</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718546104</cusip>
			<value>9869</value>
			<shrsOrPrnAmt>
				<sshPrnamt>120700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>117100</Sole>
				<Shared>0</Shared>
				<None>3600</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>POSCO-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693483109</cusip>
			<value>8890</value>
			<shrsOrPrnAmt>
				<sshPrnamt>118500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>118500</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>POTASH CORP OF SASKATCHEWAN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>73755L107</cusip>
			<value>53084</value>
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				<sshPrnamt>1515115</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1515115</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>PRICELINE GROUP INC/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>741503403</cusip>
			<value>348</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>300</None>
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		<infoTable>
			<nameOfIssuer>PROCTER &amp; GAMBLE CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>742718109</cusip>
			<value>1249</value>
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				<sshPrnamt>14788</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>14788</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>QUALCOMM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>747525103</cusip>
			<value>741</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9900</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>RANDGOLD RESOURCES LTD-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>752344309</cusip>
			<value>15076</value>
			<shrsOrPrnAmt>
				<sshPrnamt>221222</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>221222</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>RANGE RESOURCES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75281A109</cusip>
			<value>1820</value>
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				<sshPrnamt>26500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>26500</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>RAYTHEON COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>755111507</cusip>
			<value>444</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>4400</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>REYNOLDS AMERICAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>761713106</cusip>
			<value>440</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>7500</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>RF MICRO DEVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>749941100</cusip>
			<value>2016</value>
			<shrsOrPrnAmt>
				<sshPrnamt>171600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>171600</None>
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		<infoTable>
			<nameOfIssuer>RIO TINTO PLC-SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>767204100</cusip>
			<value>55721</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1128647</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1128647</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>ROWAN COMPANIES PLC-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G7665A101</cusip>
			<value>7662</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>300600</Sole>
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				<None>0</None>
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			<nameOfIssuer>ROYAL BANK OF CANADA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>780087102</cusip>
			<value>946</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>3300</Sole>
				<Shared>0</Shared>
				<None>8600</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>ROYAL DUTCH SHELL-SPON ADR-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>780259206</cusip>
			<value>45178</value>
			<shrsOrPrnAmt>
				<sshPrnamt>589405</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>589405</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
			<value>33079</value>
			<shrsOrPrnAmt>
				<sshPrnamt>320284</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>295284</Sole>
				<Shared>0</Shared>
				<None>25000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SIMON PROPERTY GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>828806109</cusip>
			<value>280</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1700</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>SKYWORKS SOLUTIONS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>83088M102</cusip>
			<value>1141</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>19500</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>SM ENERGY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78454L100</cusip>
			<value>11938</value>
			<shrsOrPrnAmt>
				<sshPrnamt>148007</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>148007</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>SOUTHERN COPPER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>84265V105</cusip>
			<value>19523</value>
			<shrsOrPrnAmt>
				<sshPrnamt>654043</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>654043</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>SOUTHWESTERN ENERGY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>845467109</cusip>
			<value>11528</value>
			<shrsOrPrnAmt>
				<sshPrnamt>322100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>272900</Sole>
				<Shared>0</Shared>
				<None>49200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR S&amp;P 500 ETF TRUST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78462F103</cusip>
			<value>632</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPECTRA ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>847560109</cusip>
			<value>314</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>8000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STARBUCKS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>855244109</cusip>
			<value>324</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SUNCOR ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>867224107</cusip>
			<value>378</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SUPERIOR ENERGY SERVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>868157108</cusip>
			<value>16025</value>
			<shrsOrPrnAmt>
				<sshPrnamt>478792</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>478792</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SWIFT TRANSPORTATION CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87074U101</cusip>
			<value>1485</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>70800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYNGENTA AG-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87160A100</cusip>
			<value>22929</value>
			<shrsOrPrnAmt>
				<sshPrnamt>357823</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>357823</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYNOPSYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>871607107</cusip>
			<value>1869</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>46800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TECK RESOURCES LTD-CLS B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>878742204</cusip>
			<value>22131</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1170311</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1170311</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TEXAS INSTRUMENTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>882508104</cusip>
			<value>328</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>THERMO FISHER SCIENTIFIC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>883556102</cusip>
			<value>1427</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>11700</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TIME WARNER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>887317303</cusip>
			<value>408</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>5400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TORONTO-DOMINION BANK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>891160509</cusip>
			<value>1471</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>15800</Sole>
				<Shared>0</Shared>
				<None>11000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TOTAL SA-SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89151E109</cusip>
			<value>48804</value>
			<shrsOrPrnAmt>
				<sshPrnamt>763517</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>763517</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TRINITY INDUSTRIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>896522109</cusip>
			<value>1173</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>24800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TWENTY-FIRST CENTURY FOX-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90130A101</cusip>
			<value>297</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>8700</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNION PACIFIC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>907818108</cusip>
			<value>564</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>5200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITED PARCEL SERVICE-CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911312106</cusip>
			<value>428</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITED RENTALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911363109</cusip>
			<value>293</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91324P102</cusip>
			<value>519</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>URBAN OUTFITTERS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>917047102</cusip>
			<value>1981</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>53600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>US BANCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902973304</cusip>
			<value>442</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>10600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VALE SA-SP ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91912E105</cusip>
			<value>16883</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1553200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1553200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VALERO ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
			<value>1824</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>39000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343V104</cusip>
			<value>1124</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>22600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VERMILION ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>923725105</cusip>
			<value>384</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>5700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VISA INC-CLASS A SHARES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92826C839</cusip>
			<value>2447</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>11600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WALGREEN CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931422109</cusip>
			<value>322</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>5400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WAL-MART STORES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931142103</cusip>
			<value>726</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9549</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9549</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WALT DISNEY CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254687106</cusip>
			<value>826</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WEATHERFORD INTERNATIONAL PL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H27013103</cusip>
			<value>11384</value>
			<shrsOrPrnAmt>
				<sshPrnamt>536200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>536200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WELLS FARGO &amp; CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>949746101</cusip>
			<value>1432</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>27700</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WEYERHAEUSER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>962166104</cusip>
			<value>25837</value>
			<shrsOrPrnAmt>
				<sshPrnamt>801143</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>801143</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WISCONSIN ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>976657106</cusip>
			<value>360</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>8400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WYNDHAM WORLDWIDE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98310W108</cusip>
			<value>2205</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>27100</None>
			</votingAuthority>
		</infoTable>
</informationTable>
