Apple has inked a $500 million deal with the operator of a Texas-based mine producing rare earth materials used to build iPhones and other hardware – a move that comes as CEO Tim Cook’s firm looks to reduce its reliance on China.
The Cupertino, Calif.-based firm is partnering on the multiyear deal with MP Materials, which it described as the “only fully integrated rare earth producer in the United States.” Apple will buy rare earth magnets produced at MP Materials’ facility in Fort Worth, Texas.
“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,” Cook said in a statement.
Apple CEO Tim Cook is pictured. Getty Images
Apple and MP Materials will also jointly develop a rare earth recycling plant in Mountain Pass, Calif. and collaborate on developing new rare earth processing technologies