Disposal Talks

ZAMBIA CONSOLIDATED COPPER MINES LIMITED
26 August 1999


'LUSAKA, ZAMBIA - THURSDAY, 26 AUGUST 1999: Since January 1999, GRZ and ZCCM
have been negotiating with Zambia Copper Investments Limited (ZCI) (a subsidiary
company of Anglo American Corporation Plc) regarding its proposed acquisition of
ZCCM's assets currently comprising the Konkola, Nchanga, and Nkana Divisions and
Nampundwe Mine One of the preconditions set by ZCI for this deal to proceed was
their being joined by a major mining organisation as co-investor in the project.

ZCI had identified Codelco as a potential partner and had invited Codelco to
join as a partner in the investment.  Following completion of Codelco's
technical and financial due diligence, and discussions held between Codelco and
ZCI in Chile last week, both Codelco and ZCI have advised us that Codelco will
not be proceeding with the transaction.

GRZ and ZCCM are reviewing the implications of this decision to the proposed
transaction, especially to the timetable for privatisation.  A further statement
will be issued following this review.

Government remains committed to the privatisation of Zambia's mining industry
and will be taking steps to ensure that the process can be successfully
completed as soon as possible.'