Apple signs $500-million rare earth magnet deal with MP Materials to bring supply home

Open this photo in gallery: A view of the Pentagon-backed MP Materials rare earth open-pit mine in Mountain Pass, California in 2020. Apple signed a US$500-million deal with MP Materials for a supply of rare earth magnets, in part of a broader push by Apple to bring iPhone production to the U.S.Steve Marcus/Reuters Apple AAPL-Q has signed a US$500-million deal with Pentagon-backed MP Materials MP-N for a supply of rare earth magnets, one of the first U.S. tech companies to ink an agreement that aims to centralize its supply chain inside the country. MP shares jumped 26 per cent on…