Zambia Cons Copper - Re Award of Operations, etc.

RNS No 1703e
ZAMBIA CONSOLIDATED COPPER MINES LIMITED
7th November 1997

                   ZCCM ANNOUNCES AWARD OF THE
                     NKANA/NCHANGA OPERATIONS

Lusaka, Zambia - 7 November 1997 - The chairman of Zambia
Consolidated Copper Mines Limited (ZCCM), Mr Luke Mwananshiku and
the chairman of the Government Privatisation Negotiating Team, Mr
Francis H Kaunda announced today that the Kafue Consortium has been
awarded ZCCM's Nkana/Nchanga mining metallurgical complex (the "A"
package), the Chambishi Cobalt Plant ("G" package) and the Chingola
Refractory Ore Dumps ("L" package), all subject to contract.  
Nkana and Nchanga produced 171,666 tonnes of finished copper and
4,252 tonnes of finished cobalt during 1996/7.

The Kafue Consortium comprises AVMIN Limited (South Africa),
Noranda Mining and Exploration Inc (Canada), the Phelps Dodge
Corporation (USA) and Commonwealth Development Corporation (CDC)
(UK).   Each of AVMIN, Noranda and Phelps Dodge are major mining
houses with substantial mining and metallurgical experience.  
AVMIN won the tender for ZCCM's Konkola North deposit earlier this
year and is currently engaged in its evaluation.   Phelps Dodge is
the majority owner of ZAMEFA, a wire and cable producer that has
been operating in Zambia for over 20 years.   CDC is the UK's
development finance institution which has operated in Zambia since
1949 and has significant investments, including those in Zambia
Sugar and Chilanga Cement.

Commenting on the award to Kafue Consortium, Mr Kaunda said, "The
A, G and L packages contain the majority of ZCCM's production
capacity and, following the successful completion of the sale of
the Luanshya/Baluba and Chibuluma mines, the award of these
packages further illustrates our commitments to an orderly and
successful privatisation of ZCCM."

Mr Kaunda went on to say that the award of the A, G and L packages
was subject to contract and that documentation would be completed
by the end of this year.

Contacts:

Mr Francis Kaunda, chairman, Government Privatisation Negotiating Team     
Tel: 00 2601 229 115
Mr Luke Mwananshiku, chairman, ZCCM     
Tel: 00 2601 229 115
Mr Valentine Chitalu, chief executive, ZPA     
Tel: 00 2601 223 859

                    ZCCM ANNOUNCES AWARD OF THE
                          CHAMBISHI MINE

Lusaka, Zambia - 7 November 1997 - The chairman of Zambia
Consolidated Copper Mines Limited (ZCCM), Mr Luke Mwananshiku and
the chairman of the Government Privatisation Negotiating Team, Mr
Francis H Kaunda announced today that Ivanhoe Capital Corporation
has been awarded ZCCM's Chambishi mine (the "Dco" package), subject
to contract.   The Chambishi mine, currently on care and
maintenance, has proven reserves of 33.5 million tonnes at 2.55%
copper to the 900 metre level, an existing production shaft to that
level and additional resources estimated to exceed 100 million
tonnes.

Ivanhoe Capital Corporation is a financial development group
involved in mineral resources and is associated with a number of
natural resource companies including African Mineral Corporation
and Indochina Goldfields Limited.   Ivanhoe has submitted a
business plan which includes the reopening of the mine.

Commenting on the choice of Ivanhoe Capital Corporation as the
successful bidder for the Chambishi mine, Mr Kaunda said, "Ivanhoe
has a proven record of raising finance for projects around the
world, and the conclusion of this sale will offer the prospect of
exploiting other resources in the Chambishi area".   Mr Mwananshiku
noted that the award of DCo was subject to contract but that he
expected documentation to be completed before the end of this year.

Contacts:

Mr Francis Kaunda, chairman, Government Privatisation Negotiating Team     
Tel: 00 2601 229 115
Mr Luke Mwananshiku, chairman, ZCCM     
Tel: 00 2601 229 115
Mr Valentine Chitalu, chief executive, ZPA     
Tel: 00 2601 223 859


END

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