Apple just announced a commitment of $500 million over several years to buy rare earth magnets from the US-based company MP Materials. These rare earth magnets are used in a number of products, including iPhones, MacBooks and the Apple Pencil stylus. The American-made magnets will be shipped throughout the world, to help “meet increasing global demand for the material.”
MP Materials is the only fully integrated rare earth producer in the country. The two companies have also pledged to work together to improve upon a processing facility in Texas, building a series of manufacturing lines specifically designed for
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