The money will allow the business, with operations including a mine in California and a factory in Texas, to dramatically increase production of the magnets needed for fighter jets, electric vehicles,

Rare earth and critical minerals are essential to powering today's modern and digital world, as well as the U.S. military advanced aircraft and warships

Rare earth magnets are used in tech like wind turbines, electric vehicles, defense systems and electronics. China dominates rare earths, but Apple and the U.S. Department of Defense are among a growing number of entities trying to shift their supply chains to the U.