Self-made billionaire Ken Talbot's roots can be traced back 40 years ago when he first started in the mining industry. He became one of the prominent figures in the mining industry in Queensland, and went on to become one of Australia's richest men.

Mr. Talbot was one of the passengers in an Australian charted-plane together with six executives from a Perth-based mining company Sundance Resources. The airplane crashed into a thick jungle in the West African nation of Congo.

According to search teams, no survivors were found in the wreckage. The crashed aircraft was found 10 kilometers inside the Congolese boarder after forming a combined search with three countries including Cameroon, Gabon, and Congo.

Cameroon information minister Issa Bakary said emergency workers already recovered nine bodies and there seemed to be no survivors.

In 1968, Mr. Talbot started as a BHP Billiton employee and years later, assisted in developing the Jellinbah East coal mine in Queensland's Bowen Basin.

During the 90's, he opened a private investment firm called the Talbot Group, which focused on coal but later expanded into uranium, iron ore, and property.

He founded Macarthur Coal in 1995 and developed Queensland's Coppabella and Moorvale mines.

In 2008, he sold his Macarthur's stocks despite corruption allegations.

Mr. Tablot was hailed as a generous benefactor and a “quintessential entrepreneur” by close colleagues.

Michael Roche, chief executive of Queensland Resources Council, said the industry is saddened over the news.

"It's the news we all feared unfortunately and this is a great tragedy for a loving husband, father, as well as the public persona - the entrepreneur, the industry visionary," he said.

Mr. Roche also praised Mr. Tablot for playing a major role in shaping Queensland's coal industry.

"A lot of people don't realise that he opened up a whole new export market niche for Queensland with the type of coal that his company Macarthur Coal was marketing," he said.

"People probably don't realise that he was a pioneer in opening up investment links with China, and he brought the Chinese in as an investor in his company way back in 1997."

Mr. Talbot's private investment group has a stake in 14 countries internationally and his possessions was estimated at $1 billion this year.

Mr. Talbot is survived by his wife Amanda and four children.