Apple’s investment in the mining company MP Materials will also help the tech giant reduce its dependence on China for rare earth metals.

Apple has signed a $500 million deal with MP Materials for rare earth magnets, mitigating supply risks after China curbed exports this year and representing a major coup for MP that sent its shares soaring by a fifth.

MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.