Apple Inks $500M Deal With the Only US Rare Earth Miner
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EXCLUSIVE: Apple is expected to announce a $500 million commitment to MP Materials — the only rare earth mine currently operating in the United States, according to multiple sources familiar with the deal.
Apple has signed a $500-million deal with Pentagon-backed MP Materials for a supply of rare earth magnets, one of the first U.S. tech companies to ink an agreement that aims to centralize its supply chain inside the country.
Apple is investing $500 million with MP Materials to design and manufacture recycled rare earth magnets in the US, specifically for Apple devices.