Apple has struck a US$500 million deal to buy rare earth minerals from MP Materials, the US producer that just last week secured backing from the Pentagon. The two companies will build a factory in Texas,

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

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.