First Dynasty Mines Ltd. of Toronto, a company whose major shareholders include financier Robert Friedland, has changed its name to Sterlite Gold Ltd. Sterlite Gold has issued 114,353,980 comshares to Twin Star Holdings Ltd. of London in order to repay $3.7-million (U.S.) in debt, giving Twin Star a 55.1-per-cent interest in Sterlite Gold. Twin Star is a private company controlled by the family of Indian industrialist Anil Agarwal, the chairman of Sterlite Industries (India) Ltd. as well as Sterlite Gold. As a result of the share issuance, Mr. Friedland's interest in Sterlite Gold has been reduced to about 13.5 per cent, down from 24 per cent, and a shareholders' agreement he had with Twin Star has ended.
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- FIRST DYNASTY MINES LTD.