The Cupertino tech giant has inked a $500 million deal with Mountain Pass’ owner and operator MP Materials, the two companies announced on Tuesday, in a move that will help Apple onshore a part of its sprawling supply chain.

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

Apple said on Tuesday it would invest $500 million into rare earths mine operator MP Materials, as the iPhone maker seeks to localize its mineral supply chain. The investment is part of a broader push to bring the production of its coveted iPhones to the United States and boost U.

MP Materials shares are trading lower in after-hours Wednesday after the company announced a proposed public offering.

(Reuters) -MP Materials said on Wednesday it would sell $500 million of its common stock, a day after the U.S. rare earths miner inked a supply deal with Apple. Shares of MP Materials fell 5.8% in extended trade. They have surged 275% so far this year ...

MP Materials Corp., a rare earth materials company, is seeing its stock price rise on news of a major commitment from tech giant Apple.

MP Materials, which has the only operational rare earths mine in the U.S., has drawn interest as a challenger to China's dominance from investors ranging from the Pentagon to tech giant Apple in recent days.