Apple’s investment in the mining company MP Materials will also help the tech giant reduce its dependence on China for rare earth metals.

US-based rare earth producer MP Materials has entered into a definitive, long-term agreement with tech giant Apple to supply US-manufactured, sustainable rare earth magnets. These magnets will be produced using 100% recycled materials in a significant step in both companies' commitment to sustainable and domestic supply chains.

Apple (NASDAQ:AAPL) and MP Materials (NYSE:MP) have signed a US$500 million supply agreement to manufacture rare earth magnets in the US from 100 percent recycled materials. Under the deal, MP will deliver recycled magnets starting in 2027 to support “hundreds of millions” of Apple devices,