Zambia Copper Invs - Heads of Agreement Signed

RNS Number:5902C
Zambia Copper Investments Ld
15 December 1999

                          ZCCM AGREEMENTS SIGNED TODAY

On  27  October 1999, Zambia Copper Investments Limited (ZCI) announced that  it
had  signed  a Heads of Agreement with Zambia Consolidated Copper Mines  Limited
(ZCCM)  and  the  Government of the Republic of  Zambia  (GRZ)  regarding the
acquisition  by ZCI and partners, through a company to be formed, of the Konkola
and Nchanga Divisions of ZCCM and its Nampundwe pyrite mine.

ZCI is pleased to announce that the agreements for the acquisition of the assets
and  the  sale  by ZCI to GRZ of its 27,3 per cent interest in ZCCM  have  been
signed today.

The closing of these agreements is conditional on the fulfilment of a number  of
conditions which include the finalisation of a consortium agreement between  ZCI
and  international  investors, and the procuring of funds by  ZCCM  and  GRZ to
finance ZCCM's liabilities and the assets retained by ZCCM.

The signing of these agreements has been achieved in line with the timetable set
in  the  Heads  of Agreement, and the closing remains scheduled for 31  January
2000.

For further information, contact:
          Mr Francis Kaunda
          Chairman of the GRZ/ZCCM Privatisation Negotiating Team
          +260 1 22 0450

          Mrs Glen Finnegan
          ZCI/Anglo American Corporation
          +27 11 638 3217 1 +27 83 284 4129

END

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