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.

The iPhone maker is committing $500 million to buying rare-earth magnets from the company’s flagship facility in Texas, which Apple is helping to build out.

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