Apple cuts a deal for recycling rare earth magnets in US
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MP Materials, which runs the only American rare earths mine, announced a new $500 million agreement with tech giant Apple on Tuesday to produce more of the powerful magnets used in iPhones as well as other high-tech products like electric vehicles.
Apple is investing $500 million with MP Materials to design and manufacture recycled rare earth magnets in the US, specifically for Apple devices.
Screen mass production is supposed to begin in the fourth quarter of this year, so the foldable iPhone can go on sale in 2026.
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