Apple, MP Materials and rare
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MP Materials Corp., a rare earth materials company, is seeing its stock price rise on news of a major commitment from tech giant Apple.
However, it’s not just the government rushing to ensure rare earth supply. Apple (NASDAQ: AAPL) has one-upped the Pentagon by announcing a $500 million agreement with MP Materials to secure recycled rare earth magnets.
MP Materials, operating the only U.S. rare earths mine, has secured a $500 million deal with Apple to produce magnets for iPhones and other tech products. This follows the U.S. Defense Department's $400 million investment in MP,
On Thursday, the United States Department of Defense (DOD) entered a major deal with MP Materials. The DOD agreed to buy $400 million of MP Materials newly created preferred shares stock. The move will make the U.S. military the company’s largest stakeholder. In the hours after the deal, the company’s stock surged more than 50%.
An Historic Public-Private Partnership The U.S. Defense Dept. announced yesterday it was making a multibillion-dollar investment in MP Materials (NYSE:MP), the sole operator of the rare earth mineral mine in California.
MP Materials Corp. (NYSE:MP) is one of the 10 Stocks That Investors Are Dumping. MP Materials dropped its share prices by 3.72 percent on Wednesday to end at $30.03 apiece as investors sold off positions following the recent stock rating downgrade from an investment firm.