Apple to invest $500 million in rare earth mine operator MP Materials

Fox Business News reported on Tuesday, citing multiple people familiar with the matter, that Apple is expected to announce a $500 million commitment to MP Materials, the only operator of a rare earth mine in the United States. Apple and MP Materials did not immediately respond to a request for comment from Reuters.
MP Materials last week struck a multibillion-dollar deal with the US government aimed at boosting production of rare earth magnets, which are used in weapons, electric cars and many electronics, and helping to undermine China's dominance in the material. The deal includes plans for Apple to source US-made rare earth magnets from MP Materials' Texas facility, according to a Fox Business News report. MP Materials already produces mined and processed rare earths and said it expected to start commercial production of rare earth magnets at its Texas facility around the end of this year.
Fox Business News also noted that the two companies would build another plant in Fort Worth, Texas, to make magnets, and a new recycling plant in Pass Hill, California. Last week's deal with the US Department of Defense included a price floor for rare earths, a move aimed at spurring investment in domestic mines and processing plants, which had been lagging, in part because of low prices set by China.