Apple’s investment in the mining company MP Materials will also help the tech giant reduce its dependence on China for rare earth metals.

Apple (NASDAQ:AAPL) and MP Materials (NYSE:MP) have signed a US$500 million supply agreement to manufacture rare earth magnets in the US from 100 percent recycled materials. Under the deal, MP will deliver recycled magnets starting in 2027 to support “hundreds of millions” of Apple devices,

MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.