ZCC Zccm Investments Holdings Plc

RNS No 3683r
ZAMBIA CONSOLIDATED COPPER MINES LIMITED
31st August 1998

The Chairman of the GRZ/ZCCM Privatisation Negotiating Team, Mr Francis H
Kaunda, announced that the Signing of the Agreements for the Sale of the
Chambishi Cobalt and Acid Plants and Nkana Slag Dumps took place in Lusaka,
Zambia on Friday 28 August 1998.

The negotiations were concluded in a record period of 6 (six) weeks.

The consideration for the Sale of the Assets of the Chambishi Cobalt and Acid
Plants and the Nkana Slag Dumps (the Assets) is:

1         US$50 million (United States Dollars fifty million) payable by AVMIN 
          of South Africa.

2         Deferred Payment of US$45 million over a 5-year period.

3         ZCCM Retained Interest of 10% (5% free carried and 5% repayable
          carried).

4         Investment Commitment of US$70 million.

5         Contingent Investment of US$50 million.

Mr Kaunda concluded by saying that the assets have been vested in a company
locally incorporated by AVMIN known as CHAMBISHI METALS PLC.

END

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