MP Materials to supply Apple with US-made rare earth magnets
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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.
MP Materials, which has the only operational rare earths mine in the U.S., has drawn interest as a challenger to China's dominance from investors ranging from the Pentagon to tech giant Apple in recent days.
Apple said on Tuesday it would invest $500 million into rare earths mine operator MP Materials , as the iPhone maker seeks to localize its mineral supply chain.
MP Materials is a US producer that just last week secured backing from the Pentagon, and will now be working with the biggest name in consumer technology.