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Apple Inc. has struck a $500 million deal to buy rare-earth minerals from MP Materials Corp., the US producer that just last week secured backing from the Pentagon.
The two companies will build a factory in Texas, with neodymium magnet manufacturing lines tailored for Apple products, the iPhone maker said Tuesday in a statement. Apple said the spending on rare-earth minerals is part of its earlier pledge to invest more than $500 billion in the US over the next four years.
Shares of MP Materials gained 11% in pre-market trading. Apple’s stock was…
