15 Months Results

ZCCM Invs.Hldgs PLC
23 November 2001


At a meeting of the Board of Directors held today, Friday, 23 November 2001,
the Board approved the Company's Financial Statements for the 15 months period
ended 30 June 2001.

The new accounting period follows the change of the Accounting Reference Period
from 31 March to 30 June 2001.


The Financial Statements were approved by the Board of Directors on 23 November
2001 and were signed on its behalf by Mr S L Shimukowa and Mr A M Kashimu.

The exchange rate is as follows:

    US$1  =   K 3 733.80  
                        >  AS AT 30 June 2001
    P£1   =   K 6 340.00 

The detailed Annual Report will be sent to shareholders in due course at the
same time copies of which will also be sent to the Financial Services Authority.



ZCCM INVESTMENTS HOLDINGS PLC
Incorporated in the Republic of Zambia

PROFIT AND LOSS ACCOUNT
FOR THE 15 MONTH PERIOD ENDED 30 JUNE, 2001


                                          Note          Company           Group
                                                           2001            2001
                                                      K Million       K Million

Revenue                                     2            19,502         317,102
Operating expenses/cost of sales            3           (86,376)       (521,600)

Operating loss                                          (66,874)       (204,498)
Exchange differences                                    (97,991)       (109,319)
Interest charge                             4           (37,710)        (46,919)
Interest income                                             872           1,929
Environmental expenses                                  (17,762)        (17,762)
Exceptional item                            5            (9,273)         (8,019)

Loss before taxation                                   (228,738)       (384,588)
Income tax                                  6              (305)         (3,828)

Net loss                                   19          (229,043)       (388,416)

Loss per share                              7        K(2,564.97)     K(4,349.74)




The exchange rates at 30 June 2001 were:
                                            K3,733.80   =   1US$
                                            K6,340.00   =   1GBP



The notes on pages 21 to 30 form part of these financial statements.



BALANCE SHEET
AS AT 30 JUNE, 2001
                                          Note          Company           Group
                                                           2001            2001
                                                      K Million       K Million

Fixed assets                                8             5,053         128,304
Investments, loans and advances             9           150,024         150,033
Other long term receivables                10           309,987         309,987

Current assets
Inventories                                              24,540          44,352
Accounts receivable and prepayments        11           108,568         176,936
Cash and bank                              12            16,386          34,091
                                                        149,494         255,379

Current liabilities
Accounts payable                           13            48,440          82,800
Accruals and provisions                    14           231,254         263,815
Taxation                                                    864           2,027
Bank overdraft                                              172             172
                                                        280,730         348,814

Net current liabilities                                (131,236)        (93,435)
Long term loans                            15        (1,176,109)     (1,342,500)
Other long term liabilities                16                 -         (86,848)
Deferred tax liabilities                   17                 -            (765)
Net liabilities                                        (842,281)       (935,224)

Capital and reserves
Called up share capital                    18               893             893
General reserves                           19        (1,708,619)     (1,827,738)
Capital reserve                                               -          20,462
Revaluation reserve                                           -             239
Grants                                     20                 -           5,475
Subordinated loan                          21           865,445         865,445
Shareholders' interest                                 (842,281)       (935,224)

    
These financial statements were approved by the Board of Directors on 23
November 2001 and were signed on its behalf by:

S L SHIMUKOWA                                                A M KASHIMU
Director                                                     Director