Zambia Copper Investments
         Limited
 (Registered in Bermuda)
         ("ZCI")
    ISIN: BMG988431240
                                        
                                        
                         FURTHER CAUTIONARY ANNOUNCEMENT
                                        

Further to the updated cautionary announcements for the period 16 May 2003 to 16
March  2004,  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 Vedanta Resources plc ("Vedanta"), the
holding  company  of  Sterlite  Industries  Limited  the preferred bidder, on 
the terms of the proposed investment by Vedanta into KCM.

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

Bermuda
26 April 2004
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