ZCI Zambia Copper

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, 24 December 2003 and 4
February 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 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
16 March 2004

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