Apple has signed a $500 million deal with MP Materials for China-free rare earth magnets, strengthening US supply chains after Chinese export curbs and boosting Pentagon-backed MP’s market position.

MP Materials, the operator of the only rare earths mine in the United States, has signed a $500 million deal with Apple.

The magnets, which are crucial for powering components like iPhone vibration motors, will be produced at MP's Fort Worth, Texas plant.