I live in a country where Internet isn't that broadbandish, I installed Lion on my home laptop and want to copy the updates to my Mac Mini.
Is there a way to copy Apple updates from a machine to another?
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You could, but not by using Software Update.
What you should do, is wait for Apple to release the update on its website, here is the 10.7.1 update, store it on a USB drive and install it wherever you want.
You can set up an OS X server, which can act as a local Software Update server. I.e. it downloads the updates from Apple, then distributes them to your machines. Unless you already have a server or have a spare machine and are interested in setting this up, this is a rather impractical solution, but I wanted to mention it for completeness.