Companies

Apple, MP Materials Announce $500 Million Deal to Expand US Rare-Earth Supply Chain

The two companies will build a Texas factory to produce neodymium magnets for Apple products, supplying U.S. and global markets to meet rising demand.
Apple, MP Materials Announce $500 Million Deal to Expand US Rare-Earth Supply Chain
A view of mining facilities at the MP Materials rare-earth mine in Mountain Pass, California, on Jan. 30, 2020. Steve Marcus/Reuters
Wesley Brown
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Apple Inc. and MP Materials announced on July 15 a $500 million deal to expand the nation’s only rare-earth processing plant, supporting the production of recycled magnets that will help power Apple smartphones and other devices.

Under the agreement, MP Materials will supply Apple with magnets manufactured at its Fort Worth, Texas, facility—known as Independence—using recycled rare-earth feedstock processed at MP Materials’ Mountain Pass site in California.

Wesley Brown
Wesley Brown
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Wesley Brown is a long-time business and public policy reporter based in Arkansas. He has written for many print and digital publications across the country.