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Zambia Copper (ZCI)

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Wednesday 04 February, 2004

Zambia Copper

Further re Further Cautionary Announcement


                    Zambia Copper Investments Limited
                         (Registered in Bermuda)
                                 ("ZCI")

                     FURTHER CAUTIONARY ANNOUNCEMENT

Further to the cautionary announcements dated 16 May 2003, 27 June 2003,
8  August  2003, 2 October 2003, 13 November 2003 and 24 December  2003,
shareholders are advised that negotiations are still in progress between
ZCI, the Government of the Republic of Zambia, ZCCM Investments Holdings
plc,  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, ZCI shareholders are advised to continue exercising caution
when dealing in ZCI's securities until a detailed announcement is made.

Bermuda
04 February 2004                                                                                                                                                      

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