Overview

• The agreement commits $500 million to build a Fort Worth, Texas, plant for neodymium magnets and a Mountain Pass, California, recycling line.
• Shipments from the new facilities are slated to begin in 2027 to support production of iPhones, iPads and other Apple devices.
• The deal follows a $400 million Department of Defense equity stake that made the Pentagon MP Materials’ largest shareholder.
• MP Materials’ shares surged more than 20% on the New York Stock Exchange after news of the partnership.
• Apple expects the projects to create several dozen U.S. manufacturing and R&D jobs while reducing reliance on Chinese rare earth supplies.