Mineral Resources will cut 570 jobs and slow construction at its Mount Marion lithium project as the diversified miner led by billionaire businessman Chris Ellison attempts to repair a debt-laden balance sheet.

The disclosure of the job losses, which has occurred over the past four months as the lithium price has remained stubbornly low, came at the same time as the company said it had sold gas assets to mining magnate Gina Rinehart for $1.1 billion and closed its Yilgarn iron ore mine.