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  and  2  October  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
13 November 2003