Apple has signed a $500-million deal with Pentagon-backed MP Materials for a supply of rare earth magnets, becoming one of the first tech companies to ink a U.S. supply agreement after China curbed exports earlier this year.

The deal, announced on Tuesday, guarantees Apple a steady flow of rare earths and magnets free from China, the world's largest producer.

MP Materials, the operator of the only rare earths mine in the United States, has signed a $500 million deal with Apple