Apple in $500 million rare earth magnet deal with MP to expand US supply chain
Apple opens new tab has signed a $500 million deal with MP Materials (MP.N), opens new tab for rare earth magnets, mitigating supply risks after China curbed exports this year and representing a major coup for MP that sent its shares soaring by a fifth.
The backing from one of the world's most valuable companies comes after MP, which operates the only U.S. rare earths mine, last week agreed to a multibillion-dollar deal with the U.S. Department of Defense that will see the Pentagon become its largest shareholder.
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