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Apple and MP Materials Team Up on Texas Rare‑Earth Factory
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July 16, 2025
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4:06Now PlayingGracelin Baskarian, director of the Critical Minerals Security Program at the Center for Strategic and International Studies, breaks down the deal between tech giant Apple and rare earths supplier MP Materials. The two companies announced they would build a factory in Texas to manufacture materials needed for Apple products.
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 build a factory in Texas, with neodymium magnet manufacturing lines tailored for Apple products, the iPhone maker said Tuesday in a statement. Apple said the spending on rare-earth minerals is part of its earlier pledge to invest more than $500 billion in the US over the next four years.
Shares of MP Materials surged as much as 18% in New York to the highest intraday price since April 2022, while Apple’s stock rose as much as 1%. Fox News reported some details on the supply deal earlier on Tuesday.
The world’s dependence on China for rare-earth permanent magnets that are essential for consumer tech, cars, wind turbines and fighter aircrafts, has become a flash point in the Asian nation’s trade war with the US. After the Trump administration imposed 145% tariffs on China, boasting that it had the upper hand, Beijing turned the tables by essentially shutting down exports of the critical component. MP Materials operates the sole US rare-earth mine at Mountain Pass in California.
“Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States,” Apple Chief Executive Officer Tim Cook said in the statement.
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