Apple Just Gave This Rare-Earth Company $500m
It’s been a long time since an expensive magnet has been able to sport a “Made in America” sticker, but recent massive investments in one private company could change all that. Apple announced yesterday that it would commit to a $500 million deal with the only US-based rare-earth producer, MP Materials. The company was founded in 2017 to bring production back to Mountain Pass Rare Earth Mine in Southeast California, about 50 miles south of Las Vegas, Nevada, which is the second largest rare-earth mine in the world—and the only one operational in the US. MP Materials’ stock has skyrocketed almost 500% since going public in 2020. Morning Brew crew@morningbrew.com