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Fri 23 Jul 2004, 10:14 ZCI - Further Cautionary Announcement
ZCI - Further Cautionary Announcement                                           
Zambia Copper Investments Limited                                               
(Registered in Bermuda)                                                         
JSE code: ZCI                                                                   
ISIN:     BMG988431240                                                          
(`ZCI`)                                                                         
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Further to the cautionary announcements released over the period 16 May 2003 to 
11 June 2004, 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 Vedanta Resources plc (`Vedanta`), the
preferred bidder, regarding the terms of the proposed investment by Vedanta into
KCM.                                                                            
Accordingly, ZCI shareholders are advised to continue exercising caution when   
dealing in ZCI`s shares until a detailed announcement is made.                  
Bermuda                                                                         
23 July 2004                                                                    
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