Source: Bloomberg
“Apple Inc. has struck a $500 million deal to buy rare-earth minerals from MP Materials Corp., the US producer that just last week secured backing from the Pentagon. The two companies will also work together to ‘establish a cutting-edge rare earth recycling line’ in Mountain Pass, California, and ‘develop novel magnet materials and innovative processing technologies to enhance magnet performance,’ Apple said Tuesday in a statement. … the Pentagon took a $400 million stake in MP last week to secure supplies of magnets critical for military and other applications. The deal came with $1 billion in financing from JPMorgan Chase & Co. and Goldman Sachs Group Inc. to fund a major new plant.” (07/15/25)