Sole US producer of rare earths gets boost from Apple and military deals

News Snapshot:

MP Materials, which runs the only American rare earths mine, announced a new $500 million agreement with tech giant Apple on Tuesday to produce more of the powerful magnets used in iPhones as well as other high-tech products like electric vehicles. This news comes on the heels of last week’s announcement that the U.S. Defense Department agreed to invest $400 million in shares of the Las Vegas-based company, establish a floor for the price of key elements and ensure that all of the magnets made at a new plant in the first 10 years are purchased. That unusual direct investment...