Apple, MP Materials
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The deal, announced on Tuesday, guarantees Apple a steady flow of rare earths and magnets free from China, the world's largest producer.
The factory will develop a series of neodymium magnet manufacturing lines specifically designed for Apple products.
MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.
However, it’s not just the government rushing to ensure rare earth supply. Apple (NASDAQ: AAPL) has one-upped the Pentagon by announcing a $500 million agreement with MP Materials to secure recycled rare earth magnets.
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MP Materials Corp., a rare earth materials company, is seeing its stock price rise on news of a major commitment from tech giant Apple.
MP Materials, which runs the only American rare earths mine, announced a new $500 million agreement with tech giant Apple on Tuesday to produce more of the powerful magnets used in iPhones as well as other high-tech products like electric vehicles.
MP Materials is America’s only fully integrated rare earth producer with capabilities ranging from mining to end products. Learn more about MP stock here.