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MP Materials, the sole American rare earths mine operator, secured a $500 million deal with Apple to supply magnets for iPhones and other tech products. This follows a $400 million investment from the US Department of Defense, making the government MP Materials' largest shareholder. The agreements aim to reduce US reliance on China for rare earths, crucial components in various technologies. While boosting domestic production, experts note the need for more sources to meet demand fully. The deals also come amidst a trade truce between the US and China concerning rare earth exports.

Prepared by Christopher Adams and reviewed by editorial team.