Apple and MP Materials have entered into a $500 million agreement for magnet supply.

Apple has entered a $500 million agreement with MP Materials to purchase high-performance rare earth magnets for its devices, sourced from MP's Texas processing plant. The collaboration includes establishing a recycling facility in California to recover rare earth materials from used electronics. This initiative supports Apple's goal of using 100% recycled or renewable materials in its products and aligns with its commitment to invest over $500 billion in the U.S. over the next four years. The partnership also aims to provide workforce training, creating new jobs in the magnet production sector.