<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>3M CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88579Y101</cusip>
			<value>529</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBOTT LABORATORIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>002824100</cusip>
			<value>385</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>1621</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>25700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBVIE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00287Y109</cusip>
			<value>1822</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>28900</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACCENTURE PLC-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G1151C101</cusip>
			<value>391</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>ACUITY BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00508Y102</cusip>
			<value>555</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ADOBE SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00724F101</cusip>
			<value>336</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ADVANCE AUTO PARTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00751Y106</cusip>
			<value>1029</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6900</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AERCAP HOLDINGS NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N00985106</cusip>
			<value>115</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AETNA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00817Y108</cusip>
			<value>208</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AGRIUM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>008916108</cusip>
			<value>17371</value>
			<shrsOrPrnAmt>
				<sshPrnamt>191538</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>191538</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AIR PRODUCTS &amp; CHEMICALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>009158106</cusip>
			<value>361</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALLERGAN PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0177J108</cusip>
			<value>484</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALPHABET INC-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02079K305</cusip>
			<value>1286</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALPHABET INC-CL C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02079K107</cusip>
			<value>1324</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1704</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1704</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALTRIA GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02209S103</cusip>
			<value>3287</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>52000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMAZON.COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023135106</cusip>
			<value>1674</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN ELECTRIC POWER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>025537101</cusip>
			<value>225</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>025816109</cusip>
			<value>391</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>475</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>AMERICAN TOWER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03027X100</cusip>
			<value>1564</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>13800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERIPRISE FINANCIAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03076C106</cusip>
			<value>349</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMGEN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>031162100</cusip>
			<value>700</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>165</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>ANADARKO PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032511107</cusip>
			<value>1115</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>17600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANADARKO PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032511107</cusip>
			<value>23324</value>
			<shrsOrPrnAmt>
				<sshPrnamt>368236</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>368236</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANGLOGOLD ASHANTI-SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>035128206</cusip>
			<value>16892</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1060400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1060400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANTHEM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>036752103</cusip>
			<value>288</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>AON PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0408V102</cusip>
			<value>427</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APPLE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037833100</cusip>
			<value>3209</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>28400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APPLIED MATERIALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>038222105</cusip>
			<value>133</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>ARCHER-DANIELS-MIDLAND CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>039483102</cusip>
			<value>18327</value>
			<shrsOrPrnAmt>
				<sshPrnamt>434699</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>434699</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AT&amp;T INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00206R102</cusip>
			<value>2424</value>
			<shrsOrPrnAmt>
				<sshPrnamt>59700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>59700</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AUTOMATIC DATA PROCESSING</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053015103</cusip>
			<value>203</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>AVALONBAY COMMUNITIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053484101</cusip>
			<value>782</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>BAKER HUGHES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>057224107</cusip>
			<value>9297</value>
			<shrsOrPrnAmt>
				<sshPrnamt>184245</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>184245</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANCO BRADESCO-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>059460303</cusip>
			<value>458</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50542</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>50542</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>060505104</cusip>
			<value>837</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>53500</None>
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		<infoTable>
			<nameOfIssuer>BANK OF MONTREAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>063671101</cusip>
			<value>210</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3200</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK OF NEW YORK MELLON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>064058100</cusip>
			<value>315</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>7900</None>
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		<infoTable>
			<nameOfIssuer>BANK OF NOVA SCOTIA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>064149107</cusip>
			<value>323</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6100</None>
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		<infoTable>
			<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>067901108</cusip>
			<value>570</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>32200</None>
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		<infoTable>
			<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>067901108</cusip>
			<value>25988</value>
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				<sshPrnamt>1466600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1466600</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BCE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05534B760</cusip>
			<value>964</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>20900</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BERKSHIRE HATHAWAY INC-CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>084670702</cusip>
			<value>780</value>
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				<sshPrnamt>5400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>5400</None>
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		<infoTable>
			<nameOfIssuer>BEST BUY CO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>086516101</cusip>
			<value>737</value>
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				<sshPrnamt>19300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>19300</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BHP BILLITON PLC-ADR</nameOfIssuer>
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			<cusip>05545E209</cusip>
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				<sshPrnamt>1917412</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1917412</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BIOGEN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09062X103</cusip>
			<value>376</value>
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				<sshPrnamt>1200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1200</None>
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		<infoTable>
			<nameOfIssuer>BLACKROCK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09247X101</cusip>
			<value>326</value>
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				<sshPrnamt>900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>900</None>
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			<nameOfIssuer>BOSTON PROPERTIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>101121101</cusip>
			<value>327</value>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2400</None>
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		<infoTable>
			<nameOfIssuer>BP PLC-SPONS ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>055622104</cusip>
			<value>27046</value>
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				<sshPrnamt>769438</sshPrnamt>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>769438</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BRISTOL-MYERS SQUIBB CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>110122108</cusip>
			<value>507</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9400</None>
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		<infoTable>
			<nameOfIssuer>BROADCOM LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>Y09827109</cusip>
			<value>776</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4500</None>
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		<infoTable>
			<nameOfIssuer>C.H. ROBINSON WORLDWIDE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12541W209</cusip>
			<value>923</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>13100</None>
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		<infoTable>
			<nameOfIssuer>CABOT OIL &amp; GAS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>127097103</cusip>
			<value>830</value>
			<shrsOrPrnAmt>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>32200</None>
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		<infoTable>
			<nameOfIssuer>CABOT OIL &amp; GAS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>127097103</cusip>
			<value>12953</value>
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				<sshPrnamt>502257</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>502257</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CAN IMPERIAL BK OF COMMERCE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136069101</cusip>
			<value>1488</value>
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				<sshPrnamt>19200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>19200</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CANADIAN NATL RAILWAY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136375102</cusip>
			<value>294</value>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4500</None>
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		<infoTable>
			<nameOfIssuer>CANADIAN NATURAL RESOURCES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136385101</cusip>
			<value>805</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>25200</None>
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		<infoTable>
			<nameOfIssuer>CANADIAN NATURAL RESOURCES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136385101</cusip>
			<value>11910</value>
			<shrsOrPrnAmt>
				<sshPrnamt>371830</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>371830</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CAPITAL ONE FINANCIAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14040H105</cusip>
			<value>201</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2800</None>
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		<infoTable>
			<nameOfIssuer>CATERPILLAR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>149123101</cusip>
			<value>604</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6800</None>
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		<infoTable>
			<nameOfIssuer>CELGENE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>151020104</cusip>
			<value>1442</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>13800</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>CF INDUSTRIES HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125269100</cusip>
			<value>11543</value>
			<shrsOrPrnAmt>
				<sshPrnamt>474230</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>474230</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHARTER COMMUNICATIONS INC-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16119P108</cusip>
			<value>211</value>
			<shrsOrPrnAmt>
				<sshPrnamt>782</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>782</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>CHEVRON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>988</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9600</sshPrnamt>
				<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>
		<infoTable>
			<nameOfIssuer>CHEVRON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>1163</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>11300</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>CHEVRON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>5115</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>49700</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>CHEVRON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>26760</value>
			<shrsOrPrnAmt>
				<sshPrnamt>260030</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>260030</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CHINA PETROLEUM &amp; CHEM-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16941R108</cusip>
			<value>5829</value>
			<shrsOrPrnAmt>
				<sshPrnamt>78990</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>78990</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>CHUBB LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H1467J104</cusip>
			<value>302</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2400</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>CIGNA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125509109</cusip>
			<value>248</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1900</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CIMAREX ENERGY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>171798101</cusip>
			<value>511</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CISCO SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17275R102</cusip>
			<value>837</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>26400</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>CISCO SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17275R102</cusip>
			<value>1624</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>51200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CITIGROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172967424</cusip>
			<value>704</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>14900</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CNOOC LTD-SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126132109</cusip>
			<value>6280</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49652</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>49652</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COACH INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>189754104</cusip>
			<value>1137</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>31100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COCA-COLA CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>191216100</cusip>
			<value>1697</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>40100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COLGATE-PALMOLIVE CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>194162103</cusip>
			<value>593</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>COMCAST CORP-CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20030N101</cusip>
			<value>849</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>12800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONCHO RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20605P101</cusip>
			<value>989</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>7200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONCHO RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20605P101</cusip>
			<value>14805</value>
			<shrsOrPrnAmt>
				<sshPrnamt>107800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>107800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20825C104</cusip>
			<value>272</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6268</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6268</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20825C104</cusip>
			<value>6497</value>
			<shrsOrPrnAmt>
				<sshPrnamt>149500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>149500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COOPER COS INC/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>216648402</cusip>
			<value>1147</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COSTCO WHOLESALE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22160K105</cusip>
			<value>534</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CUMMINS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>231021106</cusip>
			<value>1153</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>9000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CVS HEALTH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126650100</cusip>
			<value>765</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>8600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DANAHER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>235851102</cusip>
			<value>251</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>DARDEN RESTAURANTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>237194105</cusip>
			<value>944</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>15400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DIAMONDBACK ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25278X109</cusip>
			<value>5967</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>61800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOMINION RESOURCES INC/VA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25746U109</cusip>
			<value>230</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOW CHEMICAL CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>260543103</cusip>
			<value>363</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>7000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOW CHEMICAL CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>260543103</cusip>
			<value>18949</value>
			<shrsOrPrnAmt>
				<sshPrnamt>365668</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>365668</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DRIL-QUIP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>262037104</cusip>
			<value>8156</value>
			<shrsOrPrnAmt>
				<sshPrnamt>146349</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>146349</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>361</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>DUKE ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26441C204</cusip>
			<value>336</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>EBAY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278642103</cusip>
			<value>263</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>ECOLAB INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278865100</cusip>
			<value>280</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>EDISON INTERNATIONAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>281020107</cusip>
			<value>448</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>ELDORADO GOLD CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>284902103</cusip>
			<value>8901</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2264883</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2264883</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ELI LILLY &amp; CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>532457108</cusip>
			<value>417</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>EMERSON ELECTRIC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>291011104</cusip>
			<value>501</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ENBRIDGE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29250N105</cusip>
			<value>387</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>8800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ENTERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29364G103</cusip>
			<value>1043</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>13600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EOG RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26875P101</cusip>
			<value>290</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EOG RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26875P101</cusip>
			<value>822</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>8500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EOG RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26875P101</cusip>
			<value>9804</value>
			<shrsOrPrnAmt>
				<sshPrnamt>101400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>101400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26884L109</cusip>
			<value>726</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>10000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26884L109</cusip>
			<value>11457</value>
			<shrsOrPrnAmt>
				<sshPrnamt>157764</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>157764</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXPRESS SCRIPTS HOLDING CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30219G108</cusip>
			<value>247</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>1501</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>17200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>1892</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21672</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>21672</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>6607</value>
			<shrsOrPrnAmt>
				<sshPrnamt>75700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>75700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>36494</value>
			<shrsOrPrnAmt>
				<sshPrnamt>418121</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>418121</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FACEBOOK INC-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30303M102</cusip>
			<value>3040</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>23700</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FEDEX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31428X106</cusip>
			<value>559</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>FERRARI NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N3167Y103</cusip>
			<value>145</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FMC TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30249U101</cusip>
			<value>53</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FMC TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30249U101</cusip>
			<value>9560</value>
			<shrsOrPrnAmt>
				<sshPrnamt>322332</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>322332</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FNF GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31620R303</cusip>
			<value>480</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>13000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FORD MOTOR CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>345370860</cusip>
			<value>230</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>19100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FREEPORT-MCMORAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35671D857</cusip>
			<value>19123</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1760847</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1760847</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FRONTIER COMMUNICATIONS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35906A108</cusip>
			<value>0</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369604103</cusip>
			<value>1380</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>46600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MILLS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>370334104</cusip>
			<value>198</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MOTORS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37045V100</cusip>
			<value>343</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>10800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MOTORS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37045V100</cusip>
			<value>1493</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>47000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375558103</cusip>
			<value>554</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>7000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOLDCORP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>380956409</cusip>
			<value>15683</value>
			<shrsOrPrnAmt>
				<sshPrnamt>949363</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>949363</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38141G104</cusip>
			<value>323</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GULFPORT ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>402635304</cusip>
			<value>8534</value>
			<shrsOrPrnAmt>
				<sshPrnamt>302200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>302200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>406216101</cusip>
			<value>206</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>HALLIBURTON CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>406216101</cusip>
			<value>700</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>15600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>406216101</cusip>
			<value>24521</value>
			<shrsOrPrnAmt>
				<sshPrnamt>546500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>546500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HARMAN INTERNATIONAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>413086109</cusip>
			<value>540</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HARRIS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>413875105</cusip>
			<value>440</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HCP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40414L109</cusip>
			<value>349</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HD SUPPLY HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40416M105</cusip>
			<value>985</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>30800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HESS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42809H107</cusip>
			<value>7970</value>
			<shrsOrPrnAmt>
				<sshPrnamt>148670</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>148670</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HEWLETT PACKARD ENTERPRIS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42824C109</cusip>
			<value>205</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOLLYFRONTIER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>436106108</cusip>
			<value>5508</value>
			<shrsOrPrnAmt>
				<sshPrnamt>224800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>224800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>437076102</cusip>
			<value>824</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HONEYWELL INTERNATIONAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>438516106</cusip>
			<value>443</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40434L105</cusip>
			<value>140</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HUNTINGTON BANCSHARES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>446150104</cusip>
			<value>1370</value>
			<shrsOrPrnAmt>
				<sshPrnamt>139100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>139100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ICON PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G4705A100</cusip>
			<value>1121</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>14500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ILLINOIS TOOL WORKS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452308109</cusip>
			<value>659</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>5500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTEL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>458140100</cusip>
			<value>992</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>26300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTEL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>458140100</cusip>
			<value>3494</value>
			<shrsOrPrnAmt>
				<sshPrnamt>92600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>92600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTERNATIONAL PAPER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>460146103</cusip>
			<value>384</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>INTERNATIONAL PAPER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>460146103</cusip>
			<value>31106</value>
			<shrsOrPrnAmt>
				<sshPrnamt>648319</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>648319</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTL BUSINESS MACHINES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>459200101</cusip>
			<value>858</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>INTL BUSINESS MACHINES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>459200101</cusip>
			<value>2096</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>ISRAEL CHEMICALS LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>M5920A109</cusip>
			<value>3546</value>
			<shrsOrPrnAmt>
				<sshPrnamt>911526</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>911526</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>478160104</cusip>
			<value>1630</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>13800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JOHNSON CONTROLS INTERNATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G51502105</cusip>
			<value>405</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>JPMORGAN CHASE &amp; CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46625H100</cusip>
			<value>1275</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19149</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>19149</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KELLOGG CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>487836108</cusip>
			<value>325</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>KEYCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>493267108</cusip>
			<value>1053</value>
			<shrsOrPrnAmt>
				<sshPrnamt>86600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>86600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KIMBERLY-CLARK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>494368103</cusip>
			<value>341</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2700</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KINDER MORGAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49456B101</cusip>
			<value>227</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>9800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KINDER MORGAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49456B101</cusip>
			<value>5588</value>
			<shrsOrPrnAmt>
				<sshPrnamt>241700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>241700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KLA-TENCOR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>482480100</cusip>
			<value>1157</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>16600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KRAFT HEINZ CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>500754106</cusip>
			<value>268</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KROGER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>501044101</cusip>
			<value>350</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>11800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LABORATORY CRP OF AMER HLDGS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50540R409</cusip>
			<value>1402</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>10200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LIVANOVA PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G5509L101</cusip>
			<value>391</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LOWE&apos;S COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>548661107</cusip>
			<value>347</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LYONDELLBASELL INDU-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N53745100</cusip>
			<value>274</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>MANULIFE FINANCIAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56501R106</cusip>
			<value>273</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19370</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>19370</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARTIN MARIETTA MATERIALS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>573284106</cusip>
			<value>6341</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35411</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>35411</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MASTERCARD INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57636Q104</cusip>
			<value>570</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>5600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MATADOR RESOURCES CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>576485205</cusip>
			<value>7876</value>
			<shrsOrPrnAmt>
				<sshPrnamt>323700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>323700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MAXIM INTEGRATED PRODUCTS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57772K101</cusip>
			<value>774</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>MCDONALD&apos;S CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>580135101</cusip>
			<value>577</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>5000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MCDONALD&apos;S CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>580135101</cusip>
			<value>2538</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>22000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MEDNAX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58502B106</cusip>
			<value>1060</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>16000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MEDTRONIC PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G5960L103</cusip>
			<value>639</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>7400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MERCK &amp; CO. INC.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>905</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>14500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MERCK &amp; CO. INC.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>3032</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>48600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>METLIFE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59156R108</cusip>
			<value>318</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7160</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>7160</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>594918104</cusip>
			<value>507</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>8800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>594918104</cusip>
			<value>3512</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>61000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MONDELEZ INTERNATIONAL INC-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>609207105</cusip>
			<value>544</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>12400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MONSANTO CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61166W101</cusip>
			<value>296</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2900</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MONSANTO CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61166W101</cusip>
			<value>38983</value>
			<shrsOrPrnAmt>
				<sshPrnamt>381400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>381400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>617446448</cusip>
			<value>240</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>7500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MOSAIC CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61945C103</cusip>
			<value>21517</value>
			<shrsOrPrnAmt>
				<sshPrnamt>880029</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>880029</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NETFLIX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>64110L106</cusip>
			<value>207</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEWMONT MINING CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651639106</cusip>
			<value>7469</value>
			<shrsOrPrnAmt>
				<sshPrnamt>190100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>190100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65339F101</cusip>
			<value>293</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NIKE INC -CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>654106103</cusip>
			<value>627</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>11900</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NOBLE ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655044105</cusip>
			<value>815</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>NOBLE ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655044105</cusip>
			<value>18490</value>
			<shrsOrPrnAmt>
				<sshPrnamt>517500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>517500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NUCOR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>670346105</cusip>
			<value>21109</value>
			<shrsOrPrnAmt>
				<sshPrnamt>426962</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>426962</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>970</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>13300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>1138</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>15600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>18252</value>
			<shrsOrPrnAmt>
				<sshPrnamt>250300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>250300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OCEANEERING INTL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>675232102</cusip>
			<value>88</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OCEANEERING INTL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>675232102</cusip>
			<value>8076</value>
			<shrsOrPrnAmt>
				<sshPrnamt>293557</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>293557</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OIL STATES INTERNATIONAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>678026105</cusip>
			<value>341</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>10800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OIL STATES INTERNATIONAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>678026105</cusip>
			<value>6597</value>
			<shrsOrPrnAmt>
				<sshPrnamt>208900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>208900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ORACLE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68389X105</cusip>
			<value>648</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>16500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PACKAGING CORP OF AMERICA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>695156109</cusip>
			<value>1194</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>14700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PARKER HANNIFIN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>701094104</cusip>
			<value>402</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>PATTERSON-UTI ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>703481101</cusip>
			<value>430</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>19200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PAYCHEX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>704326107</cusip>
			<value>1180</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>20400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PAYPAL HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70450Y103</cusip>
			<value>233</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>5700</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PEPSICO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>713448108</cusip>
			<value>827</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>7600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PETROCHINA CO LTD -ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71646E100</cusip>
			<value>5856</value>
			<shrsOrPrnAmt>
				<sshPrnamt>87733</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>87733</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PETROLEO BRASILEIRO-SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>71654V408</cusip>
			<value>7506</value>
			<shrsOrPrnAmt>
				<sshPrnamt>804500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>804500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PFIZER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>717081103</cusip>
			<value>758</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>22400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PFIZER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>717081103</cusip>
			<value>1095</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32341</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>32341</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILIP MORRIS INTERNATIONAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718172109</cusip>
			<value>3450</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>35500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718546104</cusip>
			<value>201</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718546104</cusip>
			<value>4366</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>54200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PIONEER NATURAL RESOURCES CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>723787107</cusip>
			<value>167</value>
			<shrsOrPrnAmt>
				<sshPrnamt>900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>900</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PIONEER NATURAL RESOURCES CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>723787107</cusip>
			<value>984</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>5300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PIONEER NATURAL RESOURCES CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>723787107</cusip>
			<value>18411</value>
			<shrsOrPrnAmt>
				<sshPrnamt>99200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>99200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PNC FINANCIAL SERVICES GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693475105</cusip>
			<value>351</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3900</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>POTASH CORP OF SASKATCHEWAN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>73755L107</cusip>
			<value>16409</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1006096</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1006096</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PPG INDUSTRIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693506107</cusip>
			<value>145</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PPL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69351T106</cusip>
			<value>124</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PPL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69351T106</cusip>
			<value>308</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>8900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRAXAIR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74005P104</cusip>
			<value>266</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRICELINE GROUP INC/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>741503403</cusip>
			<value>441</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROCTER &amp; GAMBLE CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>742718109</cusip>
			<value>1270</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14188</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>14188</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRUDENTIAL FINANCIAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>744320102</cusip>
			<value>335</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74460D109</cusip>
			<value>335</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUALCOMM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>747525103</cusip>
			<value>562</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>8200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUALCOMM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>747525103</cusip>
			<value>2534</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>37000</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RANDGOLD RESOURCES LTD-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>752344309</cusip>
			<value>4651</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46443</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>46443</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REYNOLDS AMERICAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>761713106</cusip>
			<value>1141</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>24200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RIO TINTO PLC-SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>767204100</cusip>
			<value>35543</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1064164</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1064164</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROWAN COMPANIES PLC-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G7665A101</cusip>
			<value>130</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>8600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROWAN COMPANIES PLC-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G7665A101</cusip>
			<value>4918</value>
			<shrsOrPrnAmt>
				<sshPrnamt>324400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>324400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROYAL BANK OF CANADA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>780087102</cusip>
			<value>532</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>8600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROYAL DUTCH SHELL-SPON ADR-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>780259206</cusip>
			<value>39820</value>
			<shrsOrPrnAmt>
				<sshPrnamt>795450</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>795450</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>S&amp;P GLOBAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78409V104</cusip>
			<value>380</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SALESFORCE.COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>79466L302</cusip>
			<value>271</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3800</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
			<value>574</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>7300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
			<value>881</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>11200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
			<value>28438</value>
			<shrsOrPrnAmt>
				<sshPrnamt>361671</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>361671</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SCHWAB (CHARLES) CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>808513105</cusip>
			<value>344</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>10900</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SCOTTS MIRACLE-GRO CO-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>810186106</cusip>
			<value>1291</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>15500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SEMPRA ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>816851109</cusip>
			<value>461</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>SIMON PROPERTY GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>828806109</cusip>
			<value>331</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>1600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SL GREEN REALTY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78440X101</cusip>
			<value>454</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>SM ENERGY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78454L100</cusip>
			<value>7082</value>
			<shrsOrPrnAmt>
				<sshPrnamt>183607</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>183607</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SOUTHERN CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>842587107</cusip>
			<value>210</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SOUTHERN COPPER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>84265V105</cusip>
			<value>8226</value>
			<shrsOrPrnAmt>
				<sshPrnamt>312770</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>312770</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPECTRA ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>847560109</cusip>
			<value>1355</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>31700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STARBUCKS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>855244109</cusip>
			<value>465</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>8600</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STEEL DYNAMICS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>858119100</cusip>
			<value>9524</value>
			<shrsOrPrnAmt>
				<sshPrnamt>381100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>381100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SUNCOR ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>867224107</cusip>
			<value>926</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>33400</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SUPERIOR ENERGY SERVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>868157108</cusip>
			<value>362</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>20200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SUPERIOR ENERGY SERVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>868157108</cusip>
			<value>12729</value>
			<shrsOrPrnAmt>
				<sshPrnamt>711092</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>711092</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYNERGY RESOURCES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87164P103</cusip>
			<value>7373</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1065400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1065400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYNGENTA AG-ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87160A100</cusip>
			<value>18939</value>
			<shrsOrPrnAmt>
				<sshPrnamt>216123</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>216123</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYNNEX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87162W100</cusip>
			<value>1221</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>10700</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TAHOE RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>873868103</cusip>
			<value>13215</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1030850</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>1030850</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TARGET CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87612E106</cusip>
			<value>220</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>TECK RESOURCES LTD-CLS B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>878742204</cusip>
			<value>5281</value>
			<shrsOrPrnAmt>
				<sshPrnamt>293051</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>293051</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TELUS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87971M103</cusip>
			<value>340</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>10300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TELUS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87971M103</cusip>
			<value>1055</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>32000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TEXAS INSTRUMENTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>882508104</cusip>
			<value>379</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>THERMO FISHER SCIENTIFIC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>883556102</cusip>
			<value>350</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2200</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TIME WARNER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>887317303</cusip>
			<value>479</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6011</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>6011</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TJX COMPANIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>872540109</cusip>
			<value>389</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>TORONTO-DOMINION BANK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>891160509</cusip>
			<value>488</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>11000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TOTAL SA-SPON ADR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89151E109</cusip>
			<value>37168</value>
			<shrsOrPrnAmt>
				<sshPrnamt>779212</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>779212</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TRAVELERS COS INC/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89417E109</cusip>
			<value>332</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2900</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TWENTY-FIRST CENTURY FOX-A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90130A101</cusip>
			<value>211</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>TYSON FOODS INC-CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902494103</cusip>
			<value>1128</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>15100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UBS GROUP AG-REG</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H42097107</cusip>
			<value>274</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>20100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNION PACIFIC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>907818108</cusip>
			<value>419</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>UNITED PARCEL SERVICE-CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911312106</cusip>
			<value>383</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>3500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91324P102</cusip>
			<value>686</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4900</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>US BANCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902973304</cusip>
			<value>390</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>VALERO ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
			<value>832</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>15700</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VALERO ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
			<value>6512</value>
			<shrsOrPrnAmt>
				<sshPrnamt>122900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>122900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343V104</cusip>
			<value>639</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>12300</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VISA INC-CLASS A SHARES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92826C839</cusip>
			<value>835</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>10100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WALGREENS BOOTS ALLIANCE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931427108</cusip>
			<value>161</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>2000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WAL-MART STORES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931142103</cusip>
			<value>609</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8449</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>8449</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WALT DISNEY CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254687106</cusip>
			<value>864</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>WASTE MANAGEMENT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94106L109</cusip>
			<value>236</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>3700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WEATHERFORD INTERNATIONAL PL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G48833100</cusip>
			<value>4422</value>
			<shrsOrPrnAmt>
				<sshPrnamt>788300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>788300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WELLS FARGO &amp; CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>949746101</cusip>
			<value>1111</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>25100</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WEYERHAEUSER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>962166104</cusip>
			<value>22958</value>
			<shrsOrPrnAmt>
				<sshPrnamt>719007</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>719007</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>YUM! BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>988498101</cusip>
			<value>372</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4100</None>
			</votingAuthority>
		</infoTable>
</informationTable>
