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


FURTHER CAUTIONARY ANNOUNCEMENT

Further to the cautionary announcements dated 16 May 2003 and 27 June
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
8 August 2003