CUPERTINO (dpa-AFX) - Apple Inc. (AAPL), Tuesday announced a $500 million commitment with MP Materials, a rare earth producer, as part of its pledge to spend over $500 billion in the U.S. over the next four years.
Under the agreement, the tech giant will purchase American-made rare earth magnets from the company's facility in Fort Worth, Texas, as well as work together to establish a cutting-edge rare earth recycling line in Mountain Pass, California.
Additionally, both companies will develop novel magnet materials and innovative processing technologies to enhance magnet performance.
In the pre-market hours, Apple's stock is trading at $208.98, up 0.17 percent on the Nasdaq.
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