Apple has signed a $500 million deal with MP Materials for rare earth magnets, mitigating supply risks after China curbed exports this year and representing a major coup for MP that sent its shares soaring by a fifth.

The deal, announced on Tuesday, guarantees Apple a steady flow of rare earths and magnets free from China, the world's largest producer.

Following its commitment to spend more than $500 billion in the U.S. over the next four years, Apple has announced a partnership with America’s only … The post Apple boosts U.S. supply chain with $500 million rare earth magnet deal appeared first on BGR.