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Investing.com -- MP Materials (NYSE:MP) stock rose 8% premarket Tuesday following a report that Apple (NASDAQ:AAPL) is expected to commit $500 million to the rare earths miner.
Fox Business reported the potential deal, citing multiple sources familiar with the matter. The agreement would include plans for Apple to purchase U.S.-made rare earth magnets from MP Materials’ Texas facility, according to the report.
MP Materials operates the only rare earths mine in the United States.
The reported Apple commitment comes just after MP Materials agreed to a multibillion-dollar deal with the U.S. Department of Defense last week. That agreement aims to boost output of rare earth magnets and reduce China’s dominance in the materials critical for weapons, electric vehicles, and electronics manufacturing.
MP Materials currently produces mined and processed rare earths and expects to begin commercial magnet production at its Texas facility around the end of 2025.
According to the Fox Business report, the two companies will also build an additional factory in Fort Worth, Texas for magnet production and establish a new recycling facility in Mountain Pass, California.