Apple Inks $500 Million Deal for Rare Earth Magnets with US Defense Contractor

In a significant move to bolster its supply chain and support US manufacturing, Apple has signed a substantial $500 million agreement with MP Materials. This deal secures Apple’s access to a crucial component for its devices: rare earth magnets.

Partnership with Pentagon-backed MP Materials

MP Materials, a leading producer of rare earth materials and backed by the Pentagon, will supply Apple with these essential magnets. This partnership not only strengthens Apple’s supply chain resilience but also contributes to the growth of domestic manufacturing within the US defense industry. The deal highlights Apple’s commitment to securing vital resources and reducing reliance on foreign suppliers.

Securing the Future of Apple Devices

This $500 million investment underscores the importance of rare earth magnets in Apple’s product lineup. These powerful magnets are integral to various Apple devices, contributing to their functionality and compact design. By securing a stable supply of these crucial components, Apple is ensuring the continued production and innovation of its popular products.