MP Materials, rare earths
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Cryptopolitan on MSNMP Materials surges to 52-week high on securing $500m Apple contractApple and MP Materials unveiled a $500 million deal to bolster the iPhone maker’s domestic supply chain for rare‑earth magnets.
The partnership between MP Materials and DOD includes the construction of the 10X magnet manufacturing facility.
MP Materials has announced plans to expand rare earth mining and processing operations as Washington seeks to end its dependence on Chinese supplies.
Deal will make the US Department of Defense the largest shareholder in MP, the sole domestic producer of rare earth elements.