LIMA, Sept 12 (Reuters) - Canadian miner First Quantum

Minerals ( FQVLF ) expects updated drilling results for its Peru

copper project La Granja in the second half of next year, and

feasibility studies by 2028, project development manager Steven

Lewis said on Thursday.

"The drilling is progressing well, it's at 35%, and we

expect to have the results in the second half of next year,"

Lewis said on the sidelines of a mining industry conference.

About the feasibility studies slated for completion by

2028, he said: "We're working to meet this deadline."

First Quantum last year purchased a 55% stake in the

project, which is co-owned with Rio Tinto, and at the time of

the acquisition committed to investing up to $546 million for

its development.

The project overall is estimated to amount to $2.4

billion investment.

According to data from Peru's mining ministry, the site

has the potential to produce 500,000 metric tons of copper a

year, with a useful life of 40 years.

In addition to completing drilling and feasibility

studies, First Quantum will also face challenges related to

local communities, environmental permits and financing, Lewis

said.

"La Granja has the potential to be a larger project, but

the ultimate focus will depend on several challenges," Lewis

said in a presentation at the mining event.

First Quantum took a major blow last year after the

Panama government ordered the

shutdown of the Cobre Panama mine

, which contributed to 40% of the miner's revenue, due to

public protests over environmental issues.