MP Materials, which runs the only American rare earths mine, announced a new $500 million agreement with tech giant Apple on Tuesday to produce more of the powerful magnets used in iPhones as well as other high-tech products like electric vehicles.

Apple has announced a $500 million investment in MP Materials, a rare earth mining company based in the US. With the deal, the two companies will partner on the development of a rare earth magnet recycling line in Mountain Pass, California, allowing Apple to use reprocessed electronics and scrap material to build its products.