The Molonglo Observatory Synthesis Telescope (MOST), which at present images a fully synthesised 70′ field in 12 h, is being converted to enable observing modes which extend the field size to 160′. The new observing modes will allow the MOST to survey completely the sky south of δ = −30° to a (5σ) sensitivity limit of about 5 mJy. The result will be a catalogue of over 400,000 radio sources with a spatial density of less than 1 source per 100 beam areas, providing the foundation for a number of novel astronomical and cosmological investigations. The conversion involves construction of 352 low-noise HEMT preamplifiers, 88 digitally controlled UHF quad phase shifters, 88 mixers and IF sections, a new communication and control system, and several other new sub-systems. The project has been funded and developments are well advanced.