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Fri 27 Jun 2003, 9:44 Further Cautionary Announcement
Zambia Copper Investments Limited -         
Zambia Copper Investments Limited                                               
(Registered in Bermuda)                                                         
("ZCI")                                                                         
JSE Code:  ZCI                                                                  
ISIN:      BMG988431240                                                         
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcement dated 16 May 2003, shareholders are      
advised that negotiations are still in progress between ZCI, the Government of  
the Republic of Zambia, ZCCM Investments Holdings plc, Konkola Copper Mines plc 
("KCM") and Sterlite Industries Limited ("Sterlite"), the preferred bidder, on  
the terms of the proposed investment by Sterlite into KCM.                      
Accordingly, ZCI shareholders are advised to continue exercising caution when   
dealing in ZCI"s securities until a full announcement is made.                  
Bermuda                                                                         
27 June 2003                                                                    
Sponsor                                                                         
RAND MERCHANT BANK                                                              
A Division of FirstRand Bank Limited                                            
CORPORATE FINANCE                                                               
Date: 27/06/2003 09:37:50 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
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