Apple announces $500 million deal with MP materials
· UPIJuly 15 (UPI) -- Apple announced a $500 million deal with MP Materials for the development of a recycling facility and rare earth magnets to boost production on Tuesday.
The company will buy rare earth magnets created by MP Materials. Both companies will combine on a new recycling line in Mountain Pass, Calif., to meet global demand. Apple said it plans to spend more than $500 billion in the U.S. over the next couple of years on advancing manufacturing and next-generation recycling technologies.
"Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States. We couldn't be more excited about the future of American manufacturing, and we will continue to invest in the ingenuity, creativity, and innovative spirit of the American people," said Apple's CEO Tim Cook in a press release.
Apple said the deal plans on creating dozens of new jobs and building a new pool of U.S. expertise in magnet manufacturing.
Nearly all magnets in Apple devices are made with recycled rare-earth materials.
"The collaboration with MP Materials will help secure domestic supply of this critical material, strengthen the U.S. rare earth industry's capabilities to capture more raw material, and advance environmental progress with innovative recycling methods," Apple said in a press release.