08:03 AM EDT, 07/15/2025 (MT Newswires) -- Apple ( AAPL ) plans to commit $500 million to MP Materials ( MP ) , the operator of the only US rare earth mine, Fox News reported Tuesday, citing multiple sources.

The deal includes plans for Apple ( AAPL ) to buy rare earth magnets from MP Materials' ( MP ) Texas facility, the report said.

The agreement also covers the building of a recycling facility in Mountain Pass, California, to reprocess materials from used electronics for Apple ( AAPL ) products, and a factory in Fort Worth, Texas, to produce magnets for Apple ( AAPL ) and other electronics worldwide, the report said.

Apple ( AAPL ) and MP Materials ( MP ) didn't immediately reply to MT Newswires' request for comment.

Shares of MP Materials ( MP ) were more than 9% higher in premarket trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)