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 and 13 November 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
24 December 2003