Eleven people, including Australian mining bosses developing an iron ore project in Cameroon and the Republic of Congo, died when their chartered aircraft crashed in the Congo.

The Australian company leading the venture, Sundance Resources, announced in a statement on Tuesday that the wreckage of the aircraft had been found on the western ridge of the Avima Range of mountains, near the Gabonese border, on Monday afternoon.

"The aircraft was located by a helicopter mobilised by the company operating as part of the multi-national air and ground search," Sundance said. "A team of 10 French military personnel, including a medical detail, were immediately deployed to the remote crash site by helicopter.

"The company deeply regrets to advise it was informed at 1645hrs on 21 June 2010 (local time) that there were no survivors."

The statement said recovery operations would begin on Tuesday, when mining contractors would begin to clear access tracks to the site of the crash from a mining camp 10 km away.

Those who died included the company's chairman, its chief executive officer and an Australian coal mining tycoon, Ken Talbot.