MP Materials Stock Soars on Apple's $500M Commitment in US Rare Earths Firm
The move by the iPhone maker to ramp up its supply chain at home comes days after the Department of Defense took a 15% stake in the Las Vegas-based rare earths producer.
MP Materials shares are up more than 200% this year.Shares of MP Materials (MP) are surging in early trading Tuesday after Apple (AAPL) said it would invest $500 million in the owner of the U.S.'s only operational rare earths mine.
The move by the iPhone maker to ramp up its supply chain at home comes days after the Department of Defense took a 15% stake in the Las Vegas-based rare earths producer. MP Materials shares are jumping 17%, bringing their year-to-date gain to more than 200%.
MP Materials will supply the metals as part of Apple's pledge to spend more than $500 billion in the U.S. over the next four years, the tech giant said. The two companies are also planning to build a rare earth recycling line in Mountain Pass, California, and 'develop novel magnet materials and innovative processing technologies to enhance magnet performance,' Apple said.
'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 CEO Tim Cook said.
The deal comes as the Trump administration makes becoming less dependent on other nations like China for rare earths a top priority and a national security issue. China controls much of the world's supply of rare earth minerals such as neodymium and terbium, which are used in the manufacture of electric cars, drones, and advanced electronics.
In April, as tensions mounted between the U.S. and China, Beijing imposed curbs on exports of the metals but recently opened the door to selling them amid a trade truce with Washington.
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