The MB Debottlenecking Project is our brownfield expansion project at Mantos Blancos. The projected capital expenditure costs of the MB Debottlenecking Project are fully financed and completion of the project is expected to increase throughput capacity from 11 thousand tonnes per day to 20 thousand tonnes per day and shift the focus of the mine towards the higher-grade, lower-cost sulfide deposit. Upon completion of the MB Debottlenecking Project, we expect to increase the production at Mantos Blancos to approximately 55,000 tonnes of copper in 2024 at an AISC of $1.97 per payable pound. As of December 31, 2020, the capital cost of the project is estimated to be US$249 million and represents a capital intensity of approximately US$11,900 per tonne, which is substantially lower than the Latin American industry average of approximately US$20,000 per tonne as calculated by Wood Mackenzie.
In 2019, we secured a US$250 million financing package to fund the construction of the MB Debottlenecking Project, which comprises a US$150 million facility from Glencore associated with an offtake agreement with Glencore and Complejo Metalurgico Altonorte S.A., a US$50 million copper royalty agreement with Southern Cross, a subsidiary of Anglo Pacific, a US$25 million upsized silver production agreement with Osisko and a US$25 million equity injection by Orion. Construction on the MB Debottlenecking Project commenced in 2019 and is expected to be completed in late 2021.