Zambia Cons Copper - Second Quarter Results

RNS No 2284x
ZAMBIA CONSOLIDATED COPPER MINES LD
3rd December 1997


                  Results for the second quarter 1997

LUSAKA, Zambia - 3 December 1997 - Copper production for the quarter ended 30
September 1997 was 80,677 tonnes, which was 305 tonnes higher than the 80,372
tonnes produced in the corresponding quarter of the previous year.   The
copper production for the quarter includes 4,306 tonnes of finished copper
equivalent from the sale of copper concentrates and 2,515 tonnes of scrap
copper.

Copper sales out of the company's own production were 80,693 tonnes in the
quarter compared with 73,575 tonnes in the corresponding quarter of the
previous year. Sales, including metal bought-in, were 89,048 tonnes in the
quarter compared with 94,292 tonnes in the corresponding quarter of 1996.  
Sales were in line with the production level in the quarter.

Cobalt production, at 1,115 tonnes for the quarter, was marginally lower than
the 1,155 tonnes produced in the corresponding quarter of the previous year.  
Sales of cobalt, at 987 tonnes, were 14 per cent lower than the 1,146 tonnes
sold in the same period of 1996.

The Group recorded an operating loss of K12,578 million for the quarter ended
30 September 1997, primarily arising from declining copper prices, compared
with a loss of K55,539 million in the corresponding quarter of the previous
year.   After taking into account exchange losses, interest, taxation charges
and other items, the Group recorded a net loss if K76,377 million against a
loss of K95,837 million in the corresponding period of 1996.

The total sales revenue for the quarter was K319,431 million compared with
K290,125 million in the corresponding period of the previous year.

The average sales realisation for copper, at K2.769 million per tonne for the
quarter, was 36 per cent higher than the K2.035 million per tonne realised in
the corresponding period of 1996 arising from the depreciation of the Kwacha
and some improvement in the foreign exchange price of the metal.   The copper
price realised was particularly low in the September quarter of 1996 because
of the very significant drop in copper prices from the end of June 1996.   The
price realised in the September quarter of 1997 was 15 per cent lower than
that realised in the June quarter of 1997.

The average sales realisation for cobalt, at K53.255 million per tonne was
seven per cent higher than the K49.900 million per tonne achieved in the
corresponding period of 1996.   This was mainly as a result of higher cobalt
prices realised in the quarter.

Revenue from precious metals amounted to K856 million during the quarter,
compared with sales of K1,491 during the corresponding period of the previous
year.

The exchange rate of the Kwacha moved from K100=US$0.076 and K100=0.046 at 30
June 1997 to K100=US$0.076 and K100=0.047 at 30 September 1997.   This
represents an appreciation of the Kwacha during the quarter of 2.1 per cent
against the pound sterling.   The dollar remained effectively unchanged.

The board of directors has not declared any dividend in respect of the quarter
ended 30 September 1997.


     Contact:Keith Irons, Bankside Consultants0171 220 7477




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