MP Materials said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple .

Apple’s investment in the mining company MP Materials will also help the tech giant reduce its dependence on China for rare earth metals.

The Cupertino tech giant has inked a $500 million deal with Mountain Pass’ owner and operator MP Materials, the two companies announced on Tuesday, in a move that will help Apple onshore a part of its sprawling supply chain.

MP Materials announced a $500 million deal with Apple to supply recycled rare earth magnets for iPhones and other tech products, according to AP. The deal follows a $400 million Pentagon investment that makes the U.

US-based rare earth producer MP Materials has entered into a definitive, long-term agreement with tech giant Apple to supply US-manufactured, sustainable rare earth magnets. These magnets will be produced using 100% recycled materials in a significant step in both companies' commitment to sustainable and domestic supply chains.

MP Materials Corp., a rare earth materials company, is seeing its stock price rise on news of a major commitment from tech giant Apple.

Apple announced a $500 million deal with MP Materials for the development of a recycling facility and rare earth magnets to boost overall production on Tuesday.

MP Materials, which has the only operational rare earths mine in the U.S., has drawn interest as a challenger to China's dominance from investors ranging from the Pentagon to tech giant Apple in recent days.