A Zimplats operation. File picture: Supplied

Harare - The Zimbabwean unit of the world's second largest platinum producer Implats will spend $690 million (R7.4 billion) to upgrade its base metals refinery, the chief executive officer said on Wednesday.

“It will be build in two stages. The first stage will cost $190 million ... we expect stage two will cost $500 million,” Alex Mhembere, the chief executive of Zimplats told an analyst briefing in Harare.

Zimplats is 87 percent owned by Implats. - Reuters