China produces 92% of the world’s rare earth magnets, according to a 2022 Department of Energy report.
FORT WORTH, Texas — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
Apple has committed to investing hundreds of millions of dollars with a company that manufactures rare earth magnets in Fort Worth.
The $500 million, five-year agreement means Cupertino, California-based Apple will buy rare earth magnets from MP Materials, which produces the magnets at a factory in north Fort Worth. The deal is part of a larger, $500 billion push by Apple to bring manufacturing of products such as iPhones to the U.S.
Apple’s latest investment signals a significant shift in the tech giant’s supply chain strategy, with implications for both the local economy and national manufacturing. The move promises to create new jobs and could reshape the landscape of U.S. technology manufacturing, challenging China’s dominance in the sector.
MP Materials Corp. produces neodymium-iron-boron magnets, used in electric vehicles, wind turbines and everyday electronics. The Las Vegas-based company mines the minerals from Mountain Pass, California, the only operational rare earth mine in the U.S., and produces magnets at a first-of-its-kind factory called Independence in Fort Worth.