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MP Materials, the operator of the only rare earths mine in the United States, has signed a $500 million deal with Apple. The agreement announced Tuesday aims to boost production of magnets used in iPhones, as well as other high tech products like electric vehicles. This follows on the heels of the U.S. Defense Department’s $400 million investment in MP Materials last week, making the government its largest shareholder. Rare earth elements are vital for military and tech applications, but China dominates the market. MP Materials plans to expand its Texas factory to use recycled materials and produce magnets for Apple by 2027, further reducing U.S. reliance on Chinese supplies.
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