Zambia Cons Copper - Statement re AGLCo Package

RNS No 4767a
ZAMBIA CONSOLIDATED COPPER MINES LIMITED
2nd April 1998

LUSAKA, Zambia: Thursday 2nd April 1998. Zambia Consolidated Copper Mines
Limited (ZCCM) announced today that after nearly a year of negotiations between
the GRZ/ZCCM Privatisation Negotiating Team and the Kafue Consortium (comprising
Avmin Limited, Commonwealth Development Corporation, Noranda Mining  and
Exploration Inc and Phelps Dodge Mining Company) regarding the sale of the AGLCo
Package (comprising the Nkana and Nchanga Divisions, the Chambishi Cobalt and
Acid Plants and the Chingola Refractory Ores), the parties have been unable to
reach agreement and that the negotiations have now ceased.

The Government of the Republic of Zambia remains committed to the disposal of
these assets. The GRZ/ZCCM Privatisation Negotiating Team has received
expressions of interest from a number of other parties nd is urgently exploring
each fo the options to ensure the successful sale of the assets comprising the
AGLCo package. The negotiating Team believes tha even at the current low copper
prices, the assets represent a valuable and unique opportunity for investors to
acquire significant existing copper and cobalt producing assets with potential
for expansion.

Mr Francis H Kaunda, Chairman of the GRZ/ZCCM Privatisation Negotiating Team
said: "Although the breakdown of the negotiations was a major disappointment,
the negotiating team has a duty to realise value for the assets. We will soon
open negotiations with other interested parties."

ZCCM, Chairman, Mr Luke J Mwananshiku, added: "The Company is committed to the
successful disposal of all its operating assets. The Company believes this to be
in the best interests of its Shareholders and in line with the Government's
policy of privatisation. We will therefore continue to pursue all expressions of
interest in these assets in order to obtain the best value."

END

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