CSA mine general manager Deon Van der Mescht unveiled the plans at a public information session last week, detailing the potential to double the mine's resource, and expand the mine to a depth of 2.2 kilometres.

"The mine has recently received approval to invest about $150 million in key infrastructure and capability to support a further 16 years of operation," a spokesperson for Glencore, which owns the CSA mine, said.

"As with any such investment, this is subject to conditions and developments in the global copper market. It will potentially increase the workforce at CSA Mine by up to 40 positions over the course of 2016.

"The approved investment reflects CSA Mine's consistent high production performance, successful cost saving initiatives and productivity improvements. This combination has enabled the mine to maintain and protect margins in spite of the challenging commodity market environment."

Cobar mayor Lilliane Brady OAM welcomed the news and said she hopes the 40 new jobs will result in 40 new Cobar residents.

"Providing they live in Cobar, it's good for the hospital, it's good for the town, it will make all the difference," Cr Brady said.

Mrs Brady said the benefits for the town would be both economic and social, with more residents to spend their money in the town, and also contribute to the community.

"The children will go to school which means we'll have more teachers, more people to play sport because sometimes we battle for people to full sports positions," Cr Brady said.

"It's just a flow-on right through the town."

The news comes just over one month after the mine's owner Glencore confirmed it would start a process to sell the mine, in a bid to reduce debt. The Cobar mine employs more than 300 people. It produced 24,800 tonnes of copper in concentrate and 239,000 ounces of silver during the six months to June 30, 2015.

"We're just looking forward to it," Cr Brady said. "We're very hopeful and I think 2016 will be a good year for Cobar."