2nd Quarter Results

ZCCM Invs.Hldgs PLC
31 March 2005

                          ZCCM Investments Holdings Plc
                     Incorporated in the Republic of Zambia

                          Directors' Quarterly Summary
                        incorporating Financial Results
                     for the quarter ended 31 December 2004


DIRECTORS

Mr G K Chibuye (Non-Executive)
Chairman of the Board

Dr S Musokotwane
Secretary to the Treasury
Ministry of Finance and National Planning

Dr M W Lewanika
Permanent Secretary
Ministry of Mines & Minerals Development

Mr G P Mukala
Permanent Secretary
Ministry of Energy & Water Development

Dr D H Kalyalya
Deputy Governor - Operations
Bank of Zambia

Mr E Mutale
General Secretary
Mineworkers' Union of Zambia

Mrs L I Ng'andwe
Commissioner - Finance
Zambia Revenue Authority


Management Committee

General Manager
Vacant

Company Secretary
W S Musama                           Acting Chairman

Technical Investments Manager
J M D Patterson

Finance and Investments Manager
Z Zekko

Legal Investments Manager
J K Kaite

Technical Investments Officer
W K Katoto

Environmental Manager
J Makumba

Financial Analyst
K K Mulaisho                          Committee Secretary


DIRECTORS' QUARTERLY SUMMARY

ZCCM - IH Group sales of K31,702  million was achieved during the quarter ended
31 December 2004 compared to K27,129 million at December 2003. During the
quarter, the group recorded operational expenditure of K42,293 compared to 
K23,661 million for the corresponding quarter last year.

An operating loss of K10,591 million was recorded against a profit of K3,468
million in the corresponding quarter last year.  The overall profit of K20,741
million (2003: K58,008 million) reported was mainly on account of foreign
exchange gains of K23,023 million (2003: K53,140 million).  The Kwacha had
appreciated against the US Dollar from K4,923.33 to K4,801.25.

During the quarter, the company's shareholding in Konkola Copper Mines reduced
from 42% to 20.6% on the introduction of Vedanta as a strategic equity partner
taking up 51%.  The Company received K80,640 million as compensation for the
dilution.

Subsequent to the year end, Dr M W Lewanika resigned his position as a Director
on the Board of the Company, and Mr L Nkhata, Permanent Secretary, Ministry of
Mines and Minerals Development was appointed as a Director of the Company in his
stead.

                             By Order of the Board

                                   W S Musama
                               Company Secretary

Lusaka
30 March 2005



GROUP PROFIT/(LOSS) ACCOUNT FOR THE QUARTER ENDED
31 DECEMBER 2004

                                               QUARTER                  QUARTER
                                                 ENDED                    ENDED
                                             31 DEC'04                31 DEC'03
                                notes        K'million                K'million
                                            __________               __________

Sales                               1           31,702                   27,129
Cost of sales                       2          (42,293)                 (23,661)

Operating profit/(loss)                        (10,591)                   3,468

Other income                                    10,681                   (2,793)
Consideration for dilution in KCM               80,640                        -
Loss on dilution in KCM                        (88,840)                       -
Exchange gain/(loss)                            23,023                   53,140
Environmental expenses                          (5,238)                  (1,619)
Interest charge                                    (65)                     (19)
Interest income                                    338                    2,318
Dividend receivable                              5,163                    4,715
Royalty on minerals                               (435)                    (381)
Profit/(loss) before taxation                   14,675                   58,829

Income tax                                      (2,135)                    (821)

Retained profit/(loss)                          12,541                   58,008

Notes:
     
1&2  Represents revenue/sales and administrative costs/cost of sales for the 
     Company and its subsidiaries.
     
3    Exchange rates applied are:

               31 December 2004                  US$ = K4,801.25
               31 December 2003                  US$ = K4,500.95

               30 September 2004                 US$ = K4,923.33



GROUP BALANCE SHEET                As at 31 Dec '04           As at 31 Dec '03
                                         K' million                 K' million

Current assets

Bank & cash                                  74,882                     45,803
Inventories                                  15,232                     36,657
Metal debtors                                     0                          0
Other debtors                               307,375                    269,211
                                   _________________          _________________

Total current assets                        397,489                    351,671

Current liabilities
Creditors
            local                            43,329                     38,850
            Overseas                              0                     21,695
Provisions                                  297,041                    307,608
Taxation                                      4,625                      5,239
Bank overdraft                                    0                          0
Total current liabilities                   344,995                    373,392
                                   _________________          _________________

Net current assets/(liabilities)             52,494                   (21,721)


Long term  receivables                      161,965                    103,521
Investments                                 361,495                    449,409
Fixed assets                                 88,279                     54,109
Long term borrowings                     (1,352,839)                (1,254,684)
Grants/others                               (14,074)                         0
Subordinated loan                          (865,445)                  (865,445)
                                   _________________          _________________
Total Net Liabilities                    (1,568,124)                (1,534,811)
                                   _________________          _________________


Financed by:

Share capital                                   909                        909
Reserves                                 (1,569,033)                (1,535,720)
                                   _________________          _________________
Total shareholders' funds                (1,568,124)                (1,534,811)
                                   _________________          _________________


ZCCM INVESTMENTS HOLDINGS PLC
GROUP CASH FLOW STATEMENT

                                            Quarter ended    Quarter ended
                                               31 Dec '04       31 Dec '03

                                               K' million       K' million
Operating activities

Cash received from customers                      12,174            12,322

Cash paid to suppliers and employees             (14,809)          (33,519)
                                       __________________    _______________

Net cash generated from operating activities      (2,635)          (21,197)

Interest received and other operating income       6,918             2,520
Interest paid                                        (65)              (19)
Taxation paid                                     (1,396)           (1,266)
                                       __________________    _______________                                            
                                                   5,457             1,235

Net cashflow from operating activities             2,822           (19,962)

Investing activities

Purchase of fixed assets                          (5,313)           (8,673)
Proceeds from sale of fixed assets                    0                  -
Proceeds from sale of operating units                 0                541
                                       __________________    _______________
                                                  (5,313)           (8,132)

Financing activities
Long term borrowings received                      9,522             9,585
Long term borrowing paid                            (454)             (200)
Grants                                                 0             8,211
                                       __________________    _______________

Net cashflow from investing activities             9,068             17,596
Dividend received                                  5,163              4,715
                                       __________________    _______________
                                                  14,231             22,311


Net cash inflow/(outflow) for period              11,740             (5,783)

Cash balances at start of period

Cash and bank balances                            63,143             51,586
Bank overdrafts                                       0                   -
                                       __________________    _______________
                                                  63,143             51,586

Cash balances at end of period

Cash and bank balances                            74,883             45,803
Bank overdrafts                                       0                   -
                                                  74,883             45,803


CORPORATE LOCATIONS

Registered Office                             UK Registrars

Mukuba Pension House                          CAPITA IRG Plc
First Floor                                   Bourne House
5309 Dedan Kimathi Road                       34 Beckenham Road
P O Box 30048                                 Beckenham
LUSAKA                                        Kent BR3 4TU
Lusaka, 10101, Zambia                         England

Tel Numbers    260 (01) 221023                Tel No.   020 8639 2000
                        220351                Fax No.   020 8658 3430
                        220654
                        228833                Depository for American Shares

Fax Numbers   260 (01)  221057                JP Morgan Chase & Co
                        220449                60 Wall Street
                        220727                New York, NY 10260-0060
                                              United States of America
E-mail:[e-mail]
                                              Tel No.  001 212 648 3207
Kitwe Office                                  Fax No. 001 212 648 5104/5
Investments House
Kantanta Street
P O Box 20172
Kitwe

Tel Numbers 260 (02) 245018
                     245054
                     245142
                     245126
                     245320
Fax Numbers 260 (02) 245363
                     245364
                     245473
E-mail:[e-mail]



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