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		<nameOfIssuer>AUTOMATIC DATA PROCESSING IN</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>053015103</cusip>
		<value>11164</value>
		<shrsOrPrnAmt>
			<sshPrnamt>53150</sshPrnamt>
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			<Sole>53150</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>CANADIAN PAC RY LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>13645T100</cusip>
		<value>17377</value>
		<shrsOrPrnAmt>
			<sshPrnamt>249050</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
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		<votingAuthority>
			<Sole>249050</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>CORNING INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>219350105</cusip>
		<value>280</value>
		<shrsOrPrnAmt>
			<sshPrnamt>8900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>8900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>DANIMER SCIENTIFIC INC</nameOfIssuer>
		<titleOfClass>COM CL A</titleOfClass>
		<cusip>236272100</cusip>
		<value>128</value>
		<shrsOrPrnAmt>
			<sshPrnamt>28100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>28100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>DENISON MINES CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>248356107</cusip>
		<value>158</value>
		<shrsOrPrnAmt>
			<sshPrnamt>160300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>160300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ENERPLUS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>292766102</cusip>
		<value>302</value>
		<shrsOrPrnAmt>
			<sshPrnamt>22913</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>22913</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>FIFTH THIRD BANCORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>316773100</cusip>
		<value>309</value>
		<shrsOrPrnAmt>
			<sshPrnamt>9200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>9200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>HUDBAY MINERALS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>443628102</cusip>
		<value>15268</value>
		<shrsOrPrnAmt>
			<sshPrnamt>3747365</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>3747365</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MAGNA INTL INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>559222401</cusip>
		<value>11741</value>
		<shrsOrPrnAmt>
			<sshPrnamt>214050</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>214050</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MANULIFE FINL CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>56501R106</cusip>
		<value>22759</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1313950</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>1313950</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>MCEWEN MNG INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>58039P107</cusip>
		<value>23</value>
		<shrsOrPrnAmt>
			<sshPrnamt>54100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>54100</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>MODERNA INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>60770K107</cusip>
		<value>7185</value>
		<shrsOrPrnAmt>
			<sshPrnamt>50300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>50300</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>644535106</cusip>
		<value>27</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>25000</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>651639106</cusip>
		<value>24076</value>
		<shrsOrPrnAmt>
			<sshPrnamt>403480</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>403480</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>ORIGIN MATERIALS INC</nameOfIssuer>
		<titleOfClass>*W EXP 06/25/202</titleOfClass>
		<cusip>68622D114</cusip>
		<value>17</value>
		<shrsOrPrnAmt>
			<sshPrnamt>16600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>16600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>ROYAL BK CDA</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>780087102</cusip>
		<value>12408</value>
		<shrsOrPrnAmt>
			<sshPrnamt>128288</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>128288</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SUN LIFE FINANCIAL INC.</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>866796105</cusip>
		<value>293</value>
		<shrsOrPrnAmt>
			<sshPrnamt>6400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>6400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>TC ENERGY CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87807B107</cusip>
		<value>25670</value>
		<shrsOrPrnAmt>
			<sshPrnamt>496065</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>496065</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>TECK RESOURCES LTD</nameOfIssuer>
		<titleOfClass>CL B</titleOfClass>
		<cusip>878742204</cusip>
		<value>877</value>
		<shrsOrPrnAmt>
			<sshPrnamt>28700</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>28700</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>TELUS CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>87971M103</cusip>
		<value>22598</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1015695</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>1015695</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>TEXAS INSTRS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>882508104</cusip>
		<value>10368</value>
		<shrsOrPrnAmt>
			<sshPrnamt>67477</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>67477</Sole>
			<Shared>0</Shared>
			<None>0</None>
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		<nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>254687106</cusip>
		<value>11061</value>
		<shrsOrPrnAmt>
			<sshPrnamt>117175</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>117175</Sole>
			<Shared>0</Shared>
			<None>0</None>
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	<infoTable>
		<nameOfIssuer>TORONTO DOMINION BK ONT</nameOfIssuer>
		<titleOfClass>COM NEW</titleOfClass>
		<cusip>891160509</cusip>
		<value>21340</value>
		<shrsOrPrnAmt>
			<sshPrnamt>325775</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>325775</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>VERISK ANALYTICS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92345Y106</cusip>
		<value>346</value>
		<shrsOrPrnAmt>
			<sshPrnamt>2000</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>2000</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>92343V104</cusip>
		<value>27320</value>
		<shrsOrPrnAmt>
			<sshPrnamt>538325</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<otherManager> </otherManager>
		<votingAuthority>
			<Sole>538325</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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