4th Quarter Results

ZCCM Invs.Hldgs PLC
03 October 2005



                             ZCCM Investments Holdings Plc

                         Incorporated in the Republic of Zambia


                          Directors' Quarterly Summary

                        incorporating Financial Results

                       for the quarter ended 30 June 2005


DIRECTORS


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


Dr S Musokotwane
Director


Mr L Nkhata
Director


Mr G P Mukala
Director


Dr D H Kalyalya
Director


Mr E Mutale
Director


Mrs L I Ng'andwe
Director


Management Committee



General Manager
Vacant


Company Secretary
Mr W S Musama                                 Acting Chairman


Technical Investments Manager
Mr J M D Patterson


Finance and Investments Manager
Mr Z Zekko


Legal Investments Manager
Mr J K Kaite


Technical Investments Officer
Mr W K Katoto


Environmental Manager
Mr J Makumba


Financial Analyst
Mr K K Mulaisho                             Committee Secretary


ZCCM INVESTMENTS HOLDINGS Plc
and its subsidiary companies


DIRECTORS' QUARTERLY SUMMARY


The Group turnover of K41,465 million was achieved during the quarter ended 30
June 2005 compared to K32,421 million at June 2004.  During the quarter, the
group recorded operational expenditure of K39,473 million compared to K27,680
million for the corresponding quarter last year.


An operating profit of K1,992 million was recorded in the quarter under review,
against a profit of K4,741 million in the quarter ended 30 June 2004.  There
were exchange gains of K5,733 million in the quarter compared to exchange losses
of K22,876 million last year.  The Kwacha had appreciated from K4,709/US$ as at
31 March to K4,698/US$ at 30 June 2005.


The net loss of K24,615 million reported was mainly on account of the K27,760
million provision to Mukuba Pension Scheme.  There was an environmental
expenditure of K9,882 million compared to K382 million in the quarter to June
2004 due to increased environmental remedial activity.



                             By order of the Board

                                   W S Musama

                               Company Secretary


Lusaka

29 September 2005


ZCCM INVESTMENTS HOLDINGS PLC

GROUP PROFIT AND LOSS ACCOUNT FOR THE QUARTER ENDED 30 JUNE 2005

                                    QUARTER      QUARTER
                                    ENDED        ENDED
                                    30 June      30 June
                                    2005         2004

                           notes    K' million   K' million

Turnover                     1          41,465       32,421
Cost of turnover             2         (39,473)     (27,680)

Operating profit/                        1,992        4,741
(loss)

Other income                             4,121       11,703
Exchange gain/                           5,733      (22,876)
(loss)
Environmental                           (9,882)        (382)
expenses
                                             -            -
Interest charge                           (142)          (1)
Interest income                          1,645          295
Dividend                                 2,631            -
receivable
Royalty on                                (471)        (452)
minerals
Exceptional Item             3         (27,760)           -
                                       (22,133)      (6,972)

Income tax                              (2,482)      (1,038)

Retained profit/                       (24,615)      (8,010)
(loss)

Notes:

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

                3    Exceptional item relates to provision for the quarter on
                     Mukuba Pension Scheme. This is part of the Company's
                     portion of the total obligation arising from an actuarial 
                     valuation that showed a deficit as at March 2000.
    
                4    The exchange rates applied are:

                    30 June  2005        US$= K4698
                    30 June  2004        US$= K4853
                    31 March 2005        US$= K4709

ZCCM INVESTMENTS
HOLDINGS PLC

GROUP BALANCE            As at  30  June     As at  30  June
SHEET                    2005                2004
                         K' million          K' million

Current assets

Bank & cash                  79,610               47,480
Inventories                  22,547               12,784
Other debtors               309,995              321,912
                      ---------------     ----------------

Total current               412,152              382,176
assets

Current
liabilities

Creditors                   (50,485)             (45,240)
Provisions                 (320,776)            (287,794)
Taxation                     (4,540)              (2,117)
Bank overdraft                    0                    0
                      ---------------     ----------------
Total current              (375,801)            (335,151)
liabilities

Net current assets/          36,351               47,025
(liabilities)

Long term                    65,464               92,222
receivables
Investments                 368,662              450,356
Fixed assets                110,133               78,110
Long term                (1,266,824)          (1,374,327)
borrowings
Grants/others               (28,337)                   0
Subordinated loan          (865,445)            (865,445)
                      ---------------     ----------------
Total Net                (1,579,996)          (1,572,059)
Liabilities           ---------------     ----------------


Financed by:

Share capital                   909                  909
Reserves                 (1,580,905)          (1,572,968)
                      ---------------     ----------------
Total shareholders'      (1,579,996)          (1,572,059)
funds                 ---------------     ----------------


ZCCM INVESTMENTS HOLDINGS PLC
GROUP CASH FLOW STATEMENT

                                                   Quarter ended    Quarter ended
                                                   30 June '05      30 June '04

                                                   K' million       K' million
Operating activities

Cash received from customers                            9,391           30,989

Cash paid to suppliers and employees                   (7,288)         (47,107)
                                                     ----------       ----------
Net cash generated from operating activities            2,103          (16,118)

Interest received and other operting income             6,932            3,193
Interest paid                                            (220)             (45)
Taxation paid                                          (2,248)          (1,264)
                                                     ----------       ----------
                                                        4,464            1,884

Net cashflow from operating activities                  6,567          (14,234)

Investing activities
Purchase of fixed assets                               (8,721)          (8,554)
Proceeds from sale of fixed assets                          0                8
Proceeds from sale of operating units                       0                -
                                                     ----------       ----------
                                                       (8,721)          (8,546)
Financing activities
Long term borrowings received                           8,563            9,287
Long term borrowing paid                               (4,702)               -
Grants                                                  8,923            6,688
                                                     ----------       ----------

Net cashflow from investing activities                 12,784           15,975
Dividend received                                       4,200           10,811
                                                     ----------       ----------
                                                       16,984           26,786

Net cash inflow/(outflow) for period                   14,830            4,006
                                                     ----------       ----------

Cash balances at start of period
Cash and bank balances                                 10,725           43,605
                                                     ----------       ----------
                                                       10,725           43,474
Cash balances at end of period
Cash and bank balances                                 25,555           47,480
                                                     ----------       ----------
                                                       25,555           47,480


CORPORATE LOCATIONS


Registerd Office

Mukuba Pension House
First Floor
5309 Dedan Kimathi Road
P O Box 30048
Lusaka
Zambia

Tel Nos 260 01 221023/220351/220654
Fax Nos 260 01 220727/221057/220449

E-mail:[e-mail]

Kitwe Office

Investments House
Kantanta Street
P O Box 20172
Kitwe
Zambia


Tel [phone]/245126
Fax [phone]

E-mail:[e-mail]


UK Registrars

CAPITA IRG PLC
Bourne House
34 Beckenham Road
Beckenham
Kent BR3 4TU
England

Tel No 020 8639 2000
Fax No 020 8658 3430

Depository for American Shares

JP Morgan Chase & Co
60 Wall Street
New York, NY 10260-0060
United States of America

Tel No 001 212 648 3207
Fax No 001 212 648 5104/5



















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