Apple makes $500 million deal with miner MP Materials for rare earths magnets

Core Insights - Apple and MP Materials have entered into a $500 million agreement focused on rare earth magnets and the establishment of a recycling facility to enhance Apple's U.S. supply chain [1][2] - MP Materials' stock increased by 10% following the announcement, while Apple's shares saw a marginal rise [1] Agreement Details - Apple will procure rare earth magnets produced at MP Materials' facility in Fort Worth, Texas, with plans to initiate shipments in 2027 [2] - The partnership includes the development of a new rare earth recycling line in Mountain Pass, California [2] Strategic Importance - Apple CEO Tim Cook emphasized the significance of American innovation and the importance of rare earth materials for advanced technology, highlighting the partnership's role in strengthening the supply of these materials in the U.S. [3]