MP Materials has signed a $500 million agreement with Apple to supply rare earth magnets made entirely from recycled materials, marking a significant advancement in their efforts to establish sustainable supply chains. The magnets will be manufactured at MP’s Fort Worth, TX facility, utilizing recycled rare earth feedstock sourced from its Mountain Pass site in California. Shipments are expected to begin in 2027 and will support hundreds of millions of Apple devices.
To meet the agreement’s demands, MP Materials will build a commercial-scale recycling line at Mountain Pass, capable of processing various inputs, including end-of-life product components. This partnership is aligned with a public-private initiative with the U.S. Department of Defense to bolster the domestic rare earth magnet supply chain. MP’s shares have soared 305.2% this year compared to an 18.7% increase in the industry.
