2nd Quarter Results

ZCCM Invs.Hldgs PLC
24 April 2002


                         ZCCM Investments Holdings Plc
                     Incorporated in the Republic of Zambia

                          Directors' Quarterly Summary
                        incorporating Financial Results
                     for the quarter ended 31 December 2001


DIRECTORS

Mr S L Shimukowa (Non-Executive)
Chairman of the Board

Mr J M Mtonga
Secretary to the Treasury
Ministry of Finance & Economic Development

Mr A M Kashimu
Permanent Secretary
Ministry of Mines & Minerals Development

Dr A Mwenda
Deputy Governor - Operations
Bank of Zambia

Ms J Mapoma
Permanent Secretary
Ministry of Energy & Water Development

Mr D Kombe
General Treasurer
Mineworkers' Union of Zambia

Company Secretary
M Mukwakwa

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Management Committee

General Manager
M Shandavu                 Chairman

Company Secretary
M Mukwakwa

Technical Investment Manager
J M D Patterson

Finance and Investment Manager
Z Zekko

Legal Investment Manager
J K Kaite

Company Accountant
W S Musama

Technical Investment Officer
W K Katoto

Financial Analyst
K K Mulaisho              Committee Secretary

Environmental Manager
J Makumba


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ZCCM INVESTMENTS HOLDINGS PLC
DIRECTORS' QUARTERLY SUMMARY

ZCCM-IH Group sales during the quarter ended 31 December 2001, were K41 461
million compared to K65 497 million in respect of the quarter ended 30 September
2001.

After accounting for operating expenses of K46 405 million, exchange losses of
K15 029 million, interest charge of  K7 901 million, royalties on metals of K274
million and income tax of K469 million less interest income of K1 435 million,
the Group made a net profit for the quarter under review of K767 million.  This
compares with a net loss of K33 252 million incurred in the quarter ended 30
September 2001.

The profit for the quarter was mainly due to income arising from the sale of
Lunsemfwa and Mulungushi Hydro Power Stations assets whose sale value was
K32,300 million (US$8.25 million) against a net book value of K4 111 million.

The Company's trade creditors continue to be paid through funds provided to the
Company by the Government.  In the 2002 National Budget, the Government has
provided for K50 000 million to enable the Company  pay some pre-privatisation
outstanding trade creditors up to and including March 2000.

Since  end  of  the quarter,  Mr S L Shimukowa Director and non-Executive
Chairman of the Board, and Messrs A M Kashimu and J M Mtonga, have ceased to be
Directors on the Board of the Company.  Mr G K Chibuye, from the private sector,
has been appointed a Director and non-Executive Chairman of the Board. Messrs B
Nonde and S Mpishi, Acting Secretary to the Treasury and Permanent Secretary,
Ministry of Mines and Minerals Development, respectively, have been appointed
Directors in place of Mr Mtonga and Mr Kashimu, respectively.  Hon D Kombe, MP,
resigned from the Board following his election as Member of Parliament.

The former Company Secretary, Hon M Mukwakwa, MP, now a Member of Parliament,
has also left the employment of the Company.  Mr W S Musama has been appointed
Acting Company Secretary.

                             By Order of the Board
                      W S Musama, Acting Company Secretary


Lusaka
April 2002                                  3


ZCCM INVESTMENTS HOLDINGS PLC

GROUP PROFIT/(LOSS) ACCOUNT FOR THE QUARTER ENDED DECEMBER 2001

                                                QUARTER ENDED       6 MONTHS TO
                                                   31 DEC '01        31 DEC '01

                                      notes         K Million         K Million

Sales                                     1            41,461           106,958
Cost of sales                             2           (46,405)         (137,808)

Operating profit/(loss)                                (4,944)          (30,850)

 Other income                              3            30,723            35,339

Exchange gain/(loss)                                  (15,029)          (21,947)
Environmental expenses                                 (2,773)           (6,847)
Interest charge                                        (7,901)          (17,607)
Interest income                                         1,435             2,963
Dividend receivable                                         -             7,508

Royalty on minerals                                      (275)             (570)
Profit/(loss) before taxation                           1,236           (32,011)

Income tax                                               (469)             (474)

Retained profit/(loss)                                    767           (32,485)



Notes:

1,2 & 3.  Represents revenue/sales and administrative costs/costs of
sales for the Company and its subsidiaries.  The reduction in group sales are
mainly due to the lower than the budgeted sales at Smelterco (approximately 66%
of the budgeted figures) that led to the loss at the unit.

The sale of the Hydro Power Stations assets mitigated the group loss with a
profit on their disposal of K28.2 billion.

4.        The exchange rates applied are:

          December 2001             : US$ = K3800
          September 2001            : US$ = K3754
          June 2001                 : US$ = K3733


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ZCCM INVESTMENTS HOLDINGS PLC

GROUP BALANCE SHEET

                                       As at  31 Dec '01      As at  30 June '01
                                               K million               K million

Current assets

Bank & cash                                       26,439                 34,091
Inventories                                       49,174                 44,352
Metal debtors                                    109,788                108,568
Other debtors                                    105,305                 68,368

Total current assets                             290,706                255,379

Current liablilities
Creditors
   local                                          91,061                 65,627
   Overseas                                       18,441                 17,173
Provisions                                       259,757                263,815

Taxation                                             864                  2,027
Bank overdraft                                       323                    172
Total current liabilites                         370,446                348,814

Net current assets/(liabilities)                 (79,740)               (93,435)

Long term  receivables                           315,400                309,987
Investments                                      218,213                150,033
Fixed assets                                     308,577                128,304
Long term borrowings                          (1,490,523)            (1,342,500)
Grants/others                                    (93,758)               (93,088)
Subordinated loan                               (865,445)              (865,445)

Total Net Liabilities                         (1,687,276)            (1,806,144)


Financed by:

Share capital                                        893                    893
Reserves                                      (1,688,169)            (1,807,037)
Total shareholders' funds                     (1,687,276)            (1,806,144)



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ZCCM INVESTMENTS HOLDINGS PLC

GROUP CASH FLOW STATEMENT


                                            Quarter ended            6 months to
                                               31 Dec '01            31 Dec ' 01
                                                K Million              K Million
Operating activities

    Cash received from customers                  113,667               179,820

     Cash paid to suppliers and employees        (134,162)             (242,848)

Net cash generated from operating activities      (20,495)              (63,028)

Interest received                                   1,534                 3,065
Interest paid                                         (18)                  (18)
Taxation paid                                        (475)               (1,034)

                                                    1,041                 2,013


Net cashflow from operating activities            (19,454)              (61,015)

Investing activities
    Purchase of fixed assets                      (43,241)              (81,129)
    Proceeds from sale of fixed assets                682                   682
    Proceeds from sale of operating units               -                     -
Net cashflow from investing activities            (42,559)              (80,447)
Financing activities
    Long term borrowings received                  23,683               124,597
    Long term borrowing paid                            -                     -
    Short term borrowings received                      -                     -
    Short term borrowings paid
    Grants                                          3,674                 3,674

Net cashflow from investing activities             27,357               128,271
Dividend received                                       -                 7,508

Net cash inflow/(outflow) for period              (34,656)               (5,683)

Cash balances at start of period
    Cash and bank balances                         63,428                32,753
    Bank overdrafts                                (1,874)                 (172)

                                                   61,554                32,581

Cash balances at end of period
     Cash and bank balances                        27,221                27,221
     Bank overdrafts                                 (323)                 (323)

                                                   26,898                26,898


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CORPORATE LOCATIONS

Registered Office

Mukuba Pension House
First Floor
5309 Dedan Kimathi Road
P O Box 30048
Lusaka, 10101, Zambia

Tel Numbers             260 (01) 221023
                                 220351
                                 229654
                                 228833

Fax Numbers             260 (01) 221057
                                 220449
                                 220727

E-mail:[e-mail]

Kitwe Office

Investments House
Kantanta Street
P O Box 20172
Kitwe

Tel Numbers            260 (02) 245008
                                245117
                                245018
                                245054
                                245160
                                245155
                                245319
                                245324

Fax Numbers            260 (02) 245363
                                245364
                                245474


E-mail:[e-mail]



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UK Registrars

CAPITA IRG Plc
Bourne House
34 Beckenham Road
Beckenham
Kent BR3 4TU
England

Tel No. 020 8639 2000
Fax No. 020 8658 3430

Depository for American Shares

JP Morgan Chase & Co.
60 Wall Street
New York, NY 10260-0060
United States of America

Tel No.  001 212 648 3207
Fax No. 001 212 648 5104/5


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