Mentioned:
Apple is getting serious about securing domestic supply of rare earth elements. Which is exactly why they’re cutting a new deal with MP Materials.
What’s happening:
- MP Materials (NYSE: MP) and Apple (NASDAQ: AAPL) have formed a new partnership focused on the supply of rare earth magnets
By the numbers:
- Apple has committed to purchasing $500M USD of rare earth magnets produced by MP Materials to be used in the production of their iPhones and Mac products
Why it matters:
- The new partnership represents the single largest purchase commitment that Apple has ever made for domestically produced rare earth magnets
Going deeper:
- MP Materials has publicly stated that the new partnership with Apple will accelerate the build out of a new magnet production facility located in Texas
- Apple and MP Materials will also launch a joint venture recycling facility in Mountain Pass, California to recover rare earth elements from recycled electronic materials
The intrigue:
- MP Materials also just recently made major waves on Wall Street when they landed a $400M USD equity investment from the United States Department of Defense
