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 26
April  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"),
formerly  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
11 June 2004
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