"Apple has signed a $500m deal with US firm MP Materials for rare earth magnets to reduce dependence on China for critical components used in electronics."
"The partnership guarantees Apple a steady flow of rare earth magnets, crucial for supply chain reliability amidst geopolitical tensions and export restrictions from China."
Apple has entered a $500 million agreement with MP Materials for rare earth magnets, essential for manufacturing electronics. This move follows China’s restrictions on rare earth exports, aiming to secure a safe supply chain. Apple’s deal includes a prepayment for magnets set to begin production in 2027, focusing on products made from recycled materials. This initiative is part of a broader effort including MP Materials and the US Department of Defense, highlighting the strategic importance of rare earths amid ongoing trade tensions.
Read at www.theguardian.com
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