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Tue 23 Dec 2003, 17:18 FURTHER CAUTIONARY ANNOUNCEMENT
Zambia Copper Investments Limited FURTHER CAUTIONARY ANNOUNCEMENT               
Zambia Copper Investments Limited                                               
(Registered in Bermuda)                                                         
("ZCI")                                                                         
JSE code:ZCI                                                                    
ISIN:BMG988431240                                                               
("ZCI")                                                                         
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcements dated 16 May 2003, 27 June 2003, 8      
August 2003, 2 October 2003 and 13 November 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 detailed announcement is made.              
Bermuda                                                                         
23 December 2003                                                                
Sponsor                                                                         
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
CORPORATE FINANCE                                                               
Date: 23/12/2003 05:10:01 PM Supplied by www.sharenet.co.za                     
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