The Giant Magellan Telescope (GMT) is the first
of a new generation of ground based telescopes

GMT is scheduled for completion in 2016; and will be
located near La Serena, Chile - a site chosen for its
year-round clear skies

the telescope will consist of seven, 8.4-meter
"primary" mirrors; the first was completed in 2005
and it is currently the world's largest optical mirror


GMT image

as noted at the GMT website. the 7-mirror array,
"will produce images up to 10 times sharper than the
Hubble Space Telescope"

the following overview can be found at the project's
website,

The Giant Magellan Telescope (GMT)—the product of more than a century of astronomical research and telescope-building by some of the world’s leading research institutions—will open a new window on the universe for the 21st century. Scheduled for completion around 2016, the GMT will have the resolving power of a 24.5-meter (80 foot) primary mirror—far larger than any other telescope ever built. It will answer many of the questions at the forefront of astrophysics today and will pose new and unanticipated riddles for future generations of astronomers.
-gmto.org

finally, gmto.org provides additional information in
the animation below