The MV Development Project is our brownfield expansion project at Mantoverde. The projected capital expenditure costs of the MV Development Project are fully financed and completion of the project is expected to enable us to process 236 million tonnes of copper sulfide reserves with a current 21-year expected mine life, in addition to our existing oxide mining process. Upon completion of the MV Development Project, we expect to increase the production at Mantoverde to approximately 122 thousand tonnes of copper in 2024 at an AISC of US$1.64 per payable pound; AISC will benefit from approximately 31 thousand ounces of gold per year in by-product over the life of the mine beginning in the first year following completion of the project.
The MV Development Project will involve the addition of a sulfide concentrator and tailings storage facility, and the expansion of our existing state-of-the-art desalination plant. Given the scarcity of water in Chile, particularly for use at mining operations, we believe that our ability to supply Mantoverde with consistent and expandable levels of water from our desalination plant provides us with a competitive advantage.