On Tuesday morning, US Western Time, MP Materials announced that the two companies had signed a long-term agreement to supply rare earth magnets made entirely from recycled materials and manufactured in the US to tech giant Apple. Under the agreement, valued at $500 million, the magnets will be produced at MP's Fort Worth facility (known as Independence) using post-industrial and scrap rare earth materials processed at the company's Mountain Pass facility in California. The raw materials will come from recycled sources. To support the agreement, MP will build a commercial-scale recycling line at Mountain Pass capable of processing various inputs, including waste magnets and components from scrapped equipment. Magnet shipments to Apple are expected to commence in 2027, with volumes scaling up to support hundreds of millions of devices.