A $500 million agreement for rare earth magnets and the construction of a recycling facility was announced Tuesday by Apple and miner MP Materials, strengthening the iPhone manufacturer’s U.S. supply chain.
The stock of MP Materials increased by 17%. Apple’s stock was slightly up.
Apple has agreed to purchase rare earth magnets made in the company’s Fort Worth, Texas, facility.
Together, the two businesses will build a new rare earth recycling facility near Mountain Pass, California. Magnets will be shipped by MP Materials in 2027.
Apple CEO Tim Cook stated, “We are proud to increase our investment in the U.S. economy and believe that American innovation is the driving force behind everything we do at Apple.”
“The United States’ supply of rare earth materials will be strengthened by this partnership, which is crucial for the production of advanced technology.”
Source (CNBC)
