Apple Invests $500 Million in U.S. Rare-Earth Supply Chain
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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.
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.
Shares of USA Rare Earth stock are down 7.1% through 1:55 p.m. ET Wednesday, and the reason is simple: USA Rare Earth is not MP Materials. Not even close.
Apple has signed a $500-million deal with Pentagon-backed MP Materials for a supply of rare earth magnets, one of the first U.S. tech companies to ink an agreement that aims to centralize its supply chain inside the country.