Shares of Lynas Rare Earths (ASX:LYC) and Iluka Resources (ASX:ILU) rose nearly 1% and 5%, respectively, after their US-based peer MP Materials signed a deal with tech giant Apple on Tuesday, according to a Tuesday statement by MP.
Under the agreement, MP Materials will supply Apple with magnets produced at its Texas facility using recycled rare earth feedstock processed at its Mountain Pass site in California.
The Trump Administration has been urging US companies, especially Apple, to manufacture and source their products domestically.
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