3rd Quarter Results

ZCCM Invs.Hldgs PLC
30 June 2005




                        ZCCM Investments Holdings Plc
                     Incorporated in the Republic of Zambia


                       Directors' Quarterly Summary
                        incorporating Financial Results
                      for the quarter ended 31 March 2005


DIRECTORS

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


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


Mr L Nkhata
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




ZCCM INVESTMENTS HOLDINGS PLC
and its subsidiary companies


DIRECTORS' QUARTERLY SUMMARY


ZCCM - IH Group sales of K42,615 million was achieved during the quarter ended
31 March 2005 compared to K32,466 million at March 2004.  During the quarter,
the group recorded  operational expenditure of K46,951 million compared to
K31,865 million for the corresponding quarter last year.


An operating loss of K4,336 million was recorded in the quarter under review,
against a profit of K601 million in the quarter ended 31 March 2004.  The
overall profit of K15,335 million reported were mainly on account of foreign
exchange gains of K17,362 million compared to last year's K47,155 million.  The
Kwacha had gained against the US Dollar from K4,737 to K4,709.


Subsequent to quarter end, negotiations for the purchase by Athi River Mining of
Kenya of 30% shareholding in Ndola Lime Company Limited, a 100% subsidiary of
the Company were concluded, but approval of the transaction is still awaited.
AHC - Mining Municipal Services Limited assets are due to be transferred before
31 December 2005 to Nkana Water and Sewerage Company, who are representing the
district councils on the Copperbelt, the ultimate owners of the assets.


                             By Order of the Board





                                   W S Musama
                               Company Secretary

Lusaka
29 June 2005



ZCCM INVESTMENTS HOLDINGS PLC

GROUP PROFIT/( LOSS) ACCOUNT FOR THE QUARTER ENDED 31 MARCH  2005


                                                      QUARTER       QUARTER
                                                        ENDED         ENDED
                                                31 March 2005 31 March 2004


                       notes                      K' million    K' million

Sales                           1                     42,615        32,466

Cost of sales                   2                    (46,951)      (31,865)

Operating profit/                                     (4,336)          601
(loss)

Other income                                             778         3,487

Consideration for                                          -
dilution in KCM

Loss on dilution in                                        -             -
KCM

Exchange gain/(loss)                                  17,362       (47,155)

Environmental                                         (2,409)         (620)
expenses

Impairment of                                              -
Investments

Interest charge                                            -          (152)

Interest income                                          249         2,921

Dividend receivable                                    4,662             -

Royalty on minerals                                     (401)         (394)

Exceptional Item                3                          -        11,314

Profit/(loss) before                                  15,904       (29,998)
taxation

Income tax                                              (569)       (1,429)

Retained profit/(loss)                                15,335       (31,427)


Notes:

1 & 2                  Represents revenue /sales and administrative costs/
                       cost of sales for the Company and its subsidiaries.

3                      Exceptional item relates to ZESCO liability written off
                       by AHC Mining Municipal Services Ltd.

4                      The exchange rates applied are :


                       31 March 2005    US$ =  K4,709
                       31 March 2004    US$ =  K4,737


GROUP BALANCE SHEET                         As at  31                   As at  
                                            March 2005         31  March 2004
                                            K' million             K' million

Current assets

Bank & cash                                     64,780                 43,836
Inventories                                     17,346                 34,364
Other debtors                                  348,937                290,284
                                         ---------------        ---------------

Total current assets                           431,063                368,484

Current liabilities

Creditors                                      (57,967)               (36,007)
Overseas                                             0                      0
Provisions                                    (317,653)              (309,160)
                                                     0                      0
Taxation                                        (8,440)               (12,123)
Bank overdraft                                       0                   (374)
                                         ---------------        ---------------
Total current liabilities                     (384,060)              (357,664)

Net current assets/(liabilities)                47,003                 10,820


Long term  receivables                         154,136                100,674
Investments                                    368,662                449,409
Fixed assets                                   104,869                 66,378
Long term borrowings                        (1,336,635)            (1,319,107)
Grants/others                                  (15,168)                (9,006)
Subordinated loan                             (865,445)              (865,445)
                                         ---------------        ---------------
Total Net Liabilities                       (1,542,578)            (1,566,277)
                                         ---------------        ---------------


Financed by:

Share capital                                      909                    909
Reserves                                    (1,543,487)            (1,567,187)
                                         ---------------        ---------------
Total shareholders' funds                   (1,542,577)            (1,566,277)
                                         ---------------        ---------------


ZCCM INVESTMENTS HOLDINGS PLC
GROUP CASH FLOW STATEMENT

                                                 Quarter ended    Quarter ended
                                                  31 March '05     31 March '04

                                                    K' million       K' million
Operating activities

Cash received from customers                           12,133           16,788

Cash paid to suppliers and employees                  (23,648)         (25,976)
                                                     ----------       ----------
Net cash generated from operating activities          (11,515)          (9,188)

Interest received and other operting income             4,177            5,224
Interest paid                                            (523)            (152)
Taxation paid                                            (629)            (866)
                                                     ----------       ----------
                                                        3,025            4,206

Net cashflow from operating activities                 (8,490)          (4,982)

Investing activities
Purchase of fixed assets                              (19,399)         (13,357)
Proceeds from sale of fixed assets                          0                -
Proceeds from sale of operating units                       0                -
                                                     ----------       ----------
                                                      (19,399)         (13,357)
Financing activities
Long term borrowings received                           9,305            8,408
Long term borrowing paid                                 (936)               -
Short term borrowings received                              0                -
Short term borrowings paid                                  0
Grants                                                  4,756            1,832
                                                     ----------       ----------

Net cashflow from investing activities                 13,125           10,240
Dividend received                                       4,662            6,007
                                                     ----------       ----------
                                                       17,787           16,247

Net cash inflow/(outflow) for period                  (10,102)          (2,092)

Cash balances at start of period
Cash and bank balances                                 74,882           45,928
Bank overdrafts                                             0                -
                                                     ----------       ----------
                                                       74,882           45,928
Cash balances at end of period
Cash and bank balances                                 64,780           43,836
Bank overdrafts                                             0             (374)
                                                     ----------       ----------
                                                       64,780           43,462








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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