MP Materials soars again on Apple investment
MP Materials is up 11% premarket after a report that Apple plans to invest $500 million in the operator of the only US rare earths mine as part of its $500 billion US expansion. Aptly named US rare earth supplier USA Rare Earth is also up nearly 8% in early trading. The news comes just a week after US government announced plans for a large stake in MP Materials.
“With this multiyear deal, Apple is committed to buying American-made rare earth magnets developed at MP Materials’ flagship Independence facility in Fort Worth, Texas,” Apple said in a statement. “The two companies will also work together to establish a cutting-edge rare earth recycling line in Mountain Pass, California, and develop novel magnet materials and innovative processing technologies to enhance magnet performance.”
The recycling facility will allow MP Materials to reprocess material from pre-owned electronics and postindustrial scrap for use in Apple products.
Go Deeper: Why China’s metals embargo could be good news for USA Rare Earth
“With this multiyear deal, Apple is committed to buying American-made rare earth magnets developed at MP Materials’ flagship Independence facility in Fort Worth, Texas,” Apple said in a statement. “The two companies will also work together to establish a cutting-edge rare earth recycling line in Mountain Pass, California, and develop novel magnet materials and innovative processing technologies to enhance magnet performance.”
The recycling facility will allow MP Materials to reprocess material from pre-owned electronics and postindustrial scrap for use in Apple products.
Go Deeper: Why China’s metals embargo could be good news for USA Rare Earth
