THREE miners who were feared trapped in a burning Tasmanian mine have been rescued.

The men were found at 11.55am (AEDT) after rescuers battled to extinguish a truck, which had ignited 400m down from the surface of the Avebury nickel mine, located near the mining town of Zeehan, on Tasmania's west coast.

Rescue teams, largely comprised of workers from neighbouring mines, wore breathing apparatus to counteract the smoke filling the shaft.

Teams were able to make the rescue much quicker than initially feared. It had been anticipated extinguishing the fire or bypassing the truck could take several hours.

Smoke was first spotted billowing out of the 1.2km mine shaft early this morning rescue teams assembled with no contact having been made with the three men known to be working in the mine.

The cause of the truck fire was as yet unknown, according to police.

The owner of the mine Allegiance Mining suspended trading on the stock exchange this morning.

"We have suspended trading on the advice of our legal advisors," said Allegiance chairman Anthony Howland-Rose. Mr Howland-Rose said the suspension of trading would be in place until it became clear what had happened at the mine.

Contact with the miners was usually by means of a "long aerial" but Mr Howland-Rose said this may have been interrupted by the fire.

Mr Howland-Rose was attempting to travel to Tasmania to access the situation.

He said that as it was a hard rock mine there were no deposits of chemically flammable substances and the miners should have been safe away from any blaze.

The Avebury mine was a developmental mine, which had not yet engaged in substantial production.