Apple has announced a $500 million multi-year agreement with MP Materials, a fully integrated US-based rare earth producer, to buy domestic rare earth magnets developed at MP Material’s flagship facility in Texas.
The deal will also see the two companies launch a new rare earth recycling line in Mountain Pass, California, and develop novel magnet materials and processing technologies to enhance magnet performance.
Apple announced a series of sustainable materials goals for its products in 2023, including a target for magnets in Apple devices to use entirely recycled rare earth elements by 2025.
