FURTHER CAUTIONARY ANNOUNCEMENT
                                    

Further  to  the cautionary announcement dated 16 May 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 full announcement is made.

Bermuda
27 June 2003