MP Materials, a rare earth materials and magnet company located in the AllianceTexas area of Fort Worth, signed a long-term agreement worth $500 million with Apple to supply the technology giant with rare earth magnets, according to a joint announcement July 15.
The magnets are manufactured in Fort Worth and are 100% recyclable, the release states. The agreement is supported by a $200 million prepayment from Apple.
Why it matters
The contract with Apple, along with MP Materials’ recent public-private partnership with the U.S. Department of Defense, will greatly expand MP Materials’ operations in Fort Worth, allowing MP Materials to build a series of neodymium magnet manufacturing lines specifically designed for Apple products, according to the release.
