Apple has signed a $500m deal with a US firm for rare earth magnets, essential for manufacturing electronics, after China curbed exports of the scarce, vital materials.
The backing from one of the world’s most valuable companies comes after MP Materials, which operates the only US rare earths mine, last week agreed to a multibillion-dollar deal with the US Department of Defense that will see the Pentagon become its largest shareholder. Both deals are aimed at mitigating supply chain risks after China limited the outgoing supply of rare earths earlier this year in response to Donald Trump’s sweeping tariffs.
