‘The Big Money Show’ panel discusses President Donald Trump’s plans to acquire more rare earth materials and more.
EXCLUSIVE: Apple is expected to announce a $500 million commitment to MP Materials — the only rare earth mine currently operating in the United States, according to multiple sources familiar with the deal.
The agreement includes plans for Apple to purchase American-made rare earth magnets from MP Materials’ Texas facility, marking a “major win” for the Trump administration, according to those familiar with the deal.
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The Trump administration has made rare earth mining and bolstering domestic supply chains two of its top national security priorities.
Apple is expected to announce a $500 million commitment to MP Materials.
Apple’s agreement with MP Materials is also expected to include the building of a new recycling facility in Mountain Pass, California, which will reprocess materials from used electronics to be used in future Apple products.
Sources told Fox News Digital that Apple and MP Materials will also build another factory in Fort Worth, Texas, to produce magnets that will be used in Apple products and other electronics around the globe.
“This is a huge win for the president, who has the foresight to make this issue a priority,” a senior White House official told Fox News Digital.
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“Apple deserves a lot of credit for stepping up,” the official continued. “It’s good for the country, good for American workers, and it’ll prove to be good business, too.”
The senior White House official added: “Other companies should take notice.”
The agreement comes days after the Department of Defense announced that it is also taking a $400 million stake in MP Materials.
A view of the MP Materials rare earth open-pit mine in Mountain Pass, California, U.S. January 30, 2020. (Steve Marcus/Reuters / Reuters Photos)
The company called the government’s investment a “transformational public-private partnership,” and said the investment launched an effort to “accelerate the build-out of an end-to-end U.S. rare earth magnet supply chain and reduce foreign dependency.”
Currently, China produces roughly 60% of the world’s critical mineral supply, and processes up to 90%.
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The deal also comes after President Donald Trump reached a deal with Chinese President Xi Jinping to resume trade of critical minerals after shipments were stopped earlier in 2025 following the White House’s slew of tariffs against China and other countries.
Trump, in March, signed an executive order to increase American mineral production. The president said it is “imperative” for U.S. national security that the country take “immediate action to facilitate domestic mineral production to the maximum possible extent.”
