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

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. ZCI has a 58%
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 ZCI, the Government of
the Republic of Zambia, ZCCM Investments Holdings plc and KCM will now
enter into detailed negotiations with Sterlite Industries Limited on the
terms of the proposed investment.

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

Bermuda
16 May 2003