Zambia Cons Copper - Quarterly Results

RNS No 3808c
ZAMBIA CONSOLIDATED COPPER MINES LIMITED
2nd September 1997

               Zambia Consolidated Copper Mines Limited


Copper production for the quarter ended 30 June 1997 was 78 408 tonnes, which
was 5 484 tonnes lower than the 83 892 tonnes produced in the corresponding
quarter of the previous year and was 3 662 tonnes lower than the budget for the
quarter. The shortfall arose mainly due to the temporary shutdown of the
Mufulira and Nkana smelters resulting from a shortage of Heavy Fuel Oil (HFO)
in April 1997.

Copper sales out of the Company's own production were 79 038 tonnes in the
quarter compared to 89 373 tomes in the corresponding quarter of 1996. Sales,
including metal bought-in, were 96 702 tonnes in the quarter compared to 
112 351 tonnes in the corresponding quarter of the previous year. The sales
volume was in line with the Company's own production.

Cobalt production was 996 tonnes in the quarter ended 30 June 1997 compared to
1 304 tonnes in the June quarter of 1996. Cobalt sales were 1 604 tonnes in the
quarter against 1 192 tonnes in the corresponding quarter of 1996. The Higher
sales volume was due to high stock levels at the beginning of the financial
year.

The Group recorded an operating profit of K64 949 million for the quarter ended
30 June 1997 against a profit of K 59 972 million in the corresponding quarter
of 1996. After taking into account exchange losses, interest, taxation charges
and other item, the Group recorded a net profit of K 17 404 million against a
net profit of K 14 676 million in the June quarter of 1996.

The total sales revenue for the quarter was K445 683 million against K433 482
million in the corresponding quarter of the previous year.

The average sales realisation for copper, at K3 257 million per tonne for the
quarter, was 20 per cent higher than the K2 715 million per tonne realised in
the corresponding period of 1996. This was mainly as a result of higher US
Dollar prices realised in the quarter compared to those realised in the June
quarter of 1996.
The average sales realisation for cobalt, at K55.379 million per tonne, was
seven per cent lower than the K59.546 million per tonne realised in the
corresponding quarter of 1996, mainly due to lower cobalt prices.

Revenue from precious metals amounted to K1 829 million during the quarter,
compared to sales of K300 million during the corresponding period of the
previous year.

The exchange rate of the Kwacha move from K100 = US$0.078 and K100 = #0.048 at
31 March 1997 to K100 = US$0.076 and K100 = UK #0.046 at 30 June 1997. This
represents a depreciation of the Kwacha of 2.6 per cent against the Dollar and
a depreciation of 4.2 per cent against the Pound Sterling.

The Board of Directors has not declared a dividend in respect of the quarter
ended 30 June 1997. 

The Quarterly Review, detailing the Company's operating and financial results
for the quarter ended 30 June 1997, will be issued to Shareholders on 16
September 1997 and will be made available at the Following offices:

Registered and Corporate Head Office

Zambia Consolidated Copper Mines Limited
Mukuba Pension House
5309 Dedan Kimathi Road
P 0 Box 30048
LUSAKA 10101
Zambia

UK Registrars

Independent Registrars Group
Bourne, House
34 Beckenham Road
Beckenham
Kent BR3 4TU
ENGLAND
UK


Depositary for American Shares

Morgan Guaranty Trust Company of New York
30 West Broadway
New York, NY 10007-2192
USA

END

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