Preferred Bidder

ZCCM Invs.Hldgs PLC
16 May 2003


                                                    (ZCCM-IH logo)
                                             ZCCM Investments Holdings plc

                                        Incorporated in the Republic of Zambia

                                                (Registered number 771)

                                                   Share code: ZCCM

                                                      ('ZCCM-IH')





    CAUTIONARY ANNOUNCEMENT - PREFERRED BIDDER FOR KONKOLA COPPER MINES PLC





The shareholders of Konkola Copper Mines plc ('KCM') are currently seeking to
introduce a strategic equity partner into KCM.  ZCCM-IH has a 42% interest in
KCM.  Following a competitive bidding process, various bids have been received
and evaluated and Sterlite Industries Limited has been awarded preferred bidder
status.  As a result ZCCM-IH, the Government of the Republic of Zambia ('GRZ'),
Zambia Copper Investments Limited and KCM will now enter into detailed
negotiations with Sterlite Industries Limited on the terms of the proposed
investment.



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



Lusaka

16 May 2003


Financial Advisor to ZCCM-IH and GRZ                      Sponsoring Broker to ZCCM-IH


(logo)                                                    (logo)



Standard Bank London Limited                              Cavmont Securities Limited

Authorised and regulated in the United Kingdom            (Registration number 30472)

by the Financial Services Authority                       (A member of the Lusaka Stock Exchange)

(Registration number 2130447)                             (Regulated in Zambia by the Securities and Exchange
                                                          Commission)




                      This information is provided by RNS
            The company news service from the London Stock Exchange