Apple, rare earths
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MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.
MP Materials, which runs the only American rare earths mine, announced a new $500 million agreement with tech giant Apple on Tuesday to produce more of the powerful magnets used in iPhones as well as other high-tech products like electric vehicles.
Shares of Australian rare earths miners, including Lynas and Iluka Resources, soared on Friday after U.S.-based MP Materials' a multibillion-dollar deal with the U.S. government to boost production of rare earth magnets.
Company’s stock rallies on U.S. support to build the 10X Facility as its second domestic magnet-manufacturing plant
MP Materials is America’s only fully integrated rare earth producer with capabilities ranging from mining to end products. Learn more about MP stock here.
On Thursday, the United States Department of Defense (DOD) entered a major deal with MP Materials. The DOD agreed to buy $400 million of MP Materials newly created preferred shares stock. The move will make the U.S. military the company’s largest stakeholder. In the hours after the deal, the company’s stock surged more than 50%.
An Historic Public-Private Partnership The U.S. Defense Dept. announced yesterday it was making a multibillion-dollar investment in MP Materials (NYSE:MP), the sole operator of the rare earth mineral mine in California.