Cautionary Notice

ZCCM Invs.Hldgs PLC
29 December 2003


                              --------------------
                                (ZCCM-IH logo)
                        ZCCM Investments Holdings plc
                    Incorporated in the Republic of Zambia
                           (Registered number 771)
                             Share code: ZCCM-IH
                              ISIN: ZM0000000037
                                 ('ZCCM-IH')
                              --------------------

   RENEWAL OF EXISTING CAUTIONARY ANNOUNCEMENT - PREFERRED BIDDER FOR KONKOLA
                                COPPER MINES PLC



Further to the cautionary announcements dated 16 May, 18 June, 11 July,
5 September and 31 October 2003, ZCCM-IH shareholders are advised that
negotiations are still in progress between ZCCM-IH, the Government of the
Republic of Zambia ('GRZ'), Zambia Copper Investments Limited, Konkola Copper
Mines plc ('KCM') and Sterlite Industries Limited ('Sterlite'), the preferred
bidder, on the terms of the proposed investment by Sterlite into KCM.

Accordingly, ZCCM-IH shareholders are advised to continue exercising caution
when dealing in ZCCM-IH's securities until a full announcement is made.

Lusaka
29 December 2003

Financial Advisor to ZCCM-IH and  Sponsoring Broker to ZCCM-IH
GRZ
(logo)                            (logo)
Standard Bank London Limited      Cavmont Securities Limited
Authorised and regulated in the   (Registration number 30472)
United Kingdom
by the Financial Services         (A member of the Lusaka Stock Exchange)
Authority
(Registration number 2130447)     (Regulated in Zambia by the Securities
                                  Exchange Commission of Zambia)

                                                        First issued 16 May 2003




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