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

Apple called the agreement a “first-of-its-kind deal” that will bring new manufacturing lines to an MP Materials recycling facility for rare Earth elements.

Apple has signed a $500 million deal with MP Materials for rare earth magnets, mitigating supply risks after China curbed exports this year and representing a major coup for MP that sent its shares soaring by a fifth.