Apple backs US rare earth magnets supply chain with $500 million deal

As part of its already-announced US manufacturing effort, Apple is committing $500 million to a rare earth recycling firm, to develop new materials that it will use in future devices including the iPhone.

Apple’s new deal will create US jobs — image credit: MP Materials/Apple

It’s already been reported that the iPhone 16 could benefit from redesigned magnets for MagSafe, and also that Apple has looked at using magnets to help cool overheating devices. Now Apple has announced a plan to work with Texas firm MP Materials on a range of projects to increase the firm’s use of US-made rare earth magnets.

“American innovation drives everything we do at Apple, and we’re proud to deepen our investment in the US economy,” Tim Cook said in a statement. “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.”

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