Zip a folder while copying it

Is it possible to zip a folder while copying it? I want to copy a folder and then zip it, but this implies that I need for a while twice the space in my /mnt path, right?

/bin/cp -r /mnt/myfolder /mnt/new_folder ; tar -zcvf /mnt/new_folder.zip /mnt/new_folder 

Is it possible to avoid this?

Thanks