Result of EGM

Zambia Consolidated Copper Mines Ld
29 June 2000


                  Zambia Consolidated Copper Mines Limited
                             Corporate Affairs
                                   Lusaka
                        Telephone: [phone]


LUSAKA: TUESDAY 27 JUNE 2000 - A spokesman of Zambia Consolidated Copper Mines
Limited (ZCCM) announces that, at the Extraordinary General Meeting held last
week, the Transformation of the Company from a Mining into an Investment Holding
Company was approved and its name changed to ZCCM INVESTMENT HOLDING PLC,
subject to the name registration formalities:

As a consequence of the above:

(i) Mr Musho Shandavu will head the new organisation as General Manager.

Mr Shandavu has, for the past two years, been responsible for ZCCM post
privatization monitoring.

Mulungushi Investments Limited, former Managing Director of Reserved Minerals
Corporation Limited and was until its privatization in 1998, for five years
General Manager of Roan Air (now Zambian Airways).

(ii) The Company has closed the Operations Centre at Mutondo House, Kitwe.  In
like manner, Corporate Head Office, Lusaka has been streamlined and downsized;

(iii) The residue staff at the former Operations Centre, Kitwe and Corporate
Head Office, Lusaka will have their services terminated on 30 June 2000.

(iv) Post-privatisation work affecting suppliers, accounting and finance related
issues and liaison with the Government will be handled under the framework of
the ZCCM INVESTMENT HOLDING PLC;

(v) The Board of Directors of ZCCM has been reconstituted and reduced from 12 to
8 Directors.  Some of the Directors appointed to serve on the Board of Directors
of ZCCM INVESTMENT HOLDING PLC are:

- S L Shimukowa                                     Chairman non-executive
                                                    (from the Private Sector)

- Secretary to the Treasury,
Ministry of Finance &
Economic Development

- Permanent Secretary,
Ministry of Mines & Minerals
Development

- Permanent Secretary
Ministry of Energy and
Water Development

- Representative of the Mineworkers
Union of Zambia

- Deputy Governor - Operations
Bank of Zambia

- Mr Norman B Mbazima
(from the Private Sector)

ZCCM has interests in the following companies:

1 Cyrpus Amax Kansanshi Plc                                20%
2 Roan Antelope Mining Corporation of Zambia Plc           15%
3 Copperbelt Energy Corporation Plc                        20%
4 Chibuluma Mines Plc                                      15%
5 NFC Africa Mining Plc                                    15%
6 Chambishi Metals Plc                                     10%
7 Mopani Copper Mines Plc                                  10%
8 Konkola Copper Mines Plc                                 20%

In this role of an Investment Holding Company, ZCCM INVESTMENT HOLDING PLC will,
among other things:

(a)Monitor the agreements entered into by the newly privatized companies and
ensure compliance.

(b)Have and appoint one or two representatives on the Boards of Directors of the
companies in which the investments are held.

(c)Monitor these investments by attendance at Board meetings and tracking of
financial and operational performance.

(d)Receive returns on the investments in the form of dividends and other amounts
arising from holding shares in these companies.

(e)Liaise with prospective greenfield investors in the mining industry who will
enter into agreements with the Government.

In conclusion, the Spokesman further announced that the Company will be taking
measures for an application through a Prelisting Statement to the Lusaka Stock
Exchange to relist the Company from a mining into an investment holding company
so as to comply with the Lusaka Stock Exchange regulations as well.

The ZCCM INVESTMENT HOLDING PLC will not have more than 30 employees.


Queries be routed through to:

Company Secretary :            Telephone No. 220540

Mukuba Pension House :         Fax No: 220727
5309 Dedan Kimathi Road
P O Box 30048
LUSAKA