Apple secures $500M rare earth supply from US mine for iPhones, reducing China dependence
Summary
In a groundbreaking move, Apple secures a $500 million deal with MP Materials, the sole US-based rare earth mining company, to procure rare earth magnets for iPhones and other products, reducing its dependence on China for these critical minerals.
Key Points
- Apple inks $500M deal with MP Materials to buy rare earth magnets for iPhones and other products
- MP Materials operates the only fully integrated rare earth mine in the United States
- The deal aims to reduce Apple's reliance on China for critical minerals and boost domestic production