<?xml version="1.0"?>
<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><infoTable><nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>067901108</cusip><value>44280</value><shrsOrPrnAmt><sshPrnamt>6000000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>6000000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>NEWMONT MINING CORP</nameOfIssuer><titleOfClass>COM</titleOfClass><cusip>651639106</cusip><value>53970</value><shrsOrPrnAmt><sshPrnamt>3000000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>3000000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable><infoTable><nameOfIssuer>SPDR GOLD TRUST</nameOfIssuer><titleOfClass>GOLD SHS</titleOfClass><cusip>78463V107</cusip><value>196528</value><shrsOrPrnAmt><sshPrnamt>1937000</sshPrnamt><sshPrnamtType>SH</sshPrnamtType></shrsOrPrnAmt><investmentDiscretion>DFND</investmentDiscretion><otherManager>
		</otherManager><votingAuthority><Sole>1937000</Sole><Shared>0</Shared><None>0</None></votingAuthority></infoTable></informationTable>
