Latest news with #neodymium magnets
South China Morning Post
5 days ago
- Business
- South China Morning Post
Apple to buy rare earths from Pentagon-backed US producer MP in US$500 million deal
Apple has struck a US$500 million deal to buy rare earth minerals from MP Materials, 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 US$500 billion in the US over the next four years. Shares of MP Materials surged as much as 18 per cent in New York to the highest intraday price since April 2022, while Apple's stock rose as much as 1 per cent. 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 aircraft has become a flash point in the US trade war with the Asian nation. After the Trump administration imposed 145 per cent 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.
TechCrunch
5 days ago
- Business
- TechCrunch
Apple commits $500M to U.S.-based rare earth recycling firm MP Materials
Apple is investing $500 million in MP Materials, the only fully integrated rare earth mining company currently operating in the United States, as part of a broader effort to strengthen the domestic rare earth supply chain. The tech giant announced on Tuesday that with this deal, it's committed to buying American-made rare earth magnets developed at MP Materials' flagship facility in Fort Worth, Texas. The factory will develop a series of neodymium magnet manufacturing lines specifically designed for Apple products. Apple says that once the American-made magnets are built, they will be shipped across the country and all over the world to help address increasing global demand for the material. The two companies will also collaborate to establish a rare earth recycling line in Mountain Pass, California. The facility will allow MP Materials to process recycled rare earth feedstock, including materials from used electronics and post-industrial scrap, and reuse it in Apple products. In addition, the companies will work together to develop novel magnet materials and processing technologies to enhance magnet performance. Apple says the commitment announced on Tuesday is part of its pledge to spend more than $500 billion in the U.S. over the next four years. The tech giant first used recycled rare earth elements in the Taptic Engine of iPhone 11 in 2019. Today, almost all magnets across its devices are made with 100 percent recycled rare earth elements.
