The 60-year old died off the coast of the Bahamas alongside his daughter, friends and the pilot, according to his lawyer.
He formed his own energy development business, the Cline Group, which grew into one of the country's top coal producers.
"They're attempting ... to first of all go to the helicopter and retrieve any souls that are onboard and start the investigation", Minister of Tourism and Aviation Dionisio D'Aguilar told The Nassau Guardian.
Cline resides in Seminole Landing, Florida, near North Palm Beach, the newspaper reported.
Cline took a special philanthropic interest in his home state of West Virginia.
In March, the magazine put Cline's net worth at $1.8 billion.
He later donated $1 million to Donald Trump's inauguration. Federal records show he gave the president's inaugural committee $1 million in 2017 and spread thousands more to conservative groups as well as committees representing prominent Republicans such as Senate Majority Leader Mitch McConnell and Florida Sen.
Cline was also a philanthropist and donated $5 million to his alma mater, Marshall University, for its sports medicine program.
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Cline's daughter Kamie Conover was also among those killed, according to reports. Marco Rubio, according to the New York Times.
Chris Cline's attorney tweeted that his client never forgot his humble roots despite amassing tremendous wealth.
The Air Accident Investigation Department will head to Grand Cay this morning to begin investigations, according to Chief Investigator Delvin Major. She said a specialized ship was coming from Florida with equipment to pull the helicopter from the water.
The Bahamas Civil Aviation Authority told the Federal Aviation Administration that the Agusta AW139 helicopter was located in the water at about 7pm on Thursday. Cline, a billionaire coal tycoon, has been major donor to Republican politicians.
Knowles said that preliminary information suggests there was no distress call before it went down.
"Our sister, Kameron was a bright light to all who knew her, loving, smart, compassionate and full of joy and enthusiasm for life and other people", the statement said.
American billionaire, Chris Cline, whose mines were among the most productive in the United States, was among those that died in July 4 helicopter crash that killed seven people travelling from the Bahamas to Fort Lauderdale, Washington Post reports.
The helicopter crashed after departing the island of Grand Cay around 2 a.m. ET en route to Fort Lauderdale, Fla., about 130 miles away, the Royal Bahamas Police force said in a statement to NPR.