Lynch and Endah Cakrawati were killed when his light plane nosedived into the Swan River yesterday afternoon in front of thousands of people gathered on the foreshore to watch the Australia Day fireworks.

Lynch had moved from Brisbane to Perth in mid-2016 to take up the role of director of business development at FMG, with responsibility for all of the miner’s exploration and development activities.

FMG CEO Nev Power said the company was saddened by the news.

“At Fortescue, Peter managed the development of Fortescue's core iron ore assets in the Pilbara while also exploring low cost options elsewhere in Australia and overseas,” he said.

“He brought energy, enthusiasm and a great team spirit to the role and he will be missed enormously.

“Peter was a great mate and all of us at Fortescue convey our deepest condolences to his family, including his three children, and to Endah's family.”

Lynch also co-founded and chaired Brisbane-based coal junior Cokal.

Cokal said it was deeply saddened by the sudden passing of Lynch, and passed on its condolences to his family and friends.

“Mr Lynch was incredibly proud of Cokal and had worked tirelessly for its success,” the company said in a statement.

“Peter was a driving force behind the formation of Cokal and the development of its Indonesian projects and his commitment, determination and leadership were a true inspiration to all in the company.

“He will be missed enormously by all in the Cokal team.”

Cakrawati is listed on Cokal’s website as being the company’s Jakarta-based investor and public relations manager, though the company did not mention her in its statement.

Clive Palmer, Lynch's one-time boss at Waratah Coal, also paid tribute to Lynch via Twitter.

"Peter Lynch had a great vision for the Galilee Basin. His passing is a great loss to those who knew him."