08:19 AM EDT, 07/15/2025 (MT Newswires) -- Apple ( AAPL ) has signed a $500 million long-term agreement with MP Materials ( MP ) , the latter said Tuesday.

Under the terms of the partnership, MP Materials ( MP ) will provide Apple ( AAPL ) with magnets produced at its Fort Worth, Texas, facility using recycled feedstock processed at its Mountain Pass site in California.

Magnet shipments are expected to begin in 2027.

In connection with the agreement, MP Materials ( MP ) said it will also expand the capacity of its Fort Worth magnetics facility.