Mineral Resources’ debt has ballooned to more than $5 billion as the embattled miner struggles under the twin concerns of sagging commodity prices and a governance probe by Australia’s corporate watchdog.

The lithium and iron ore miner’s debt rose by $700 million in the six months to December 31 to $5.1 billion, which MinRes attributed to the high cost of building its $2.6 billion Onslow hub in Western Australia’s Pilbara region.