The factory will develop a series of neodymium magnet manufacturing lines specifically designed for Apple products.

Announced on Tuesday, the agreement guarantees Apple a steady flow of rare earth magnets independent of China, which currently dominates global production.

Following its commitment to spend more than $500 billion in the U.S., Apple announced a partnership to buy American rare earth magnets.

MP Materials is a US producer that just last week secured backing from the Pentagon, and will now be working with the biggest name in consumer technology.

MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.

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

Apple has announced a $500 million investment in MP Materials, a rare earth mining company based in the US. With the deal, the two companies will partner on the development of a rare earth magnet recycling line in Mountain Pass, California, allowing Apple to use reprocessed electronics and scrap material to build its products.

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.