Further re Cautionary Announc

ZCCM Invs.Hldgs PLC
31 October 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 and
5 September 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

31 October 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                     (A member of the Lusaka Stock Exchange)
by the Financial Services          (Regulated in Zambia by the Securities
Authority                          Exchange Commission of Zambia)
(Registration number 2130447)      


                                                        First issued 16 May 2003


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