Australian mining magnate Ken Talbot, a non-executive director of Sundance Resources, has died in a plane crash in the Congo.

Talbot, 59, one of Australia’s richest men, was on board a plane carrying 11 people.

Rescuers found the wreckage in the Republic of Congo on Saturday. No survivors were found.

It is believed the plane came down in a storm while travelling from Cameroon to the Republic of Congo to see an iron ore project.

Sundance stopped trading shares on the Australian Stock Exchange this week due to the uncertainty of market reactions resulting from the news.