MP Materials, the leading producer of rare earth elements in the United States, has announced a major new partnership following recent backing from the U.S. Department of Defense. The company will supply tech giant Apple with rare earth magnets, manufactured in Fort Worth, Texas, using recycled materials. The feedstock is sourced from used and industrial scrap magnets and processed at MP’s facility in Mountain Pass, California. Apple and MP Materials have been collaborating for several years to develop the necessary technology for recycling and reusing rare earth materials. The supply agreement is valued at $500 million and represents a significant milestone in securing a domestic, sustainable rare earth supply chain.
Following the U.S. government’s support, Apple’s involvement sends a powerful signal to the broader market, encouraging other companies to invest in rare earth value chains. In a further boost to MP Materials’ ambitions, major investment banks Goldman Sachs and JPMorgan Chase have also pledged funding for the construction of the company’s magnet production facility.
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