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.

The factory will develop a series of neodymium magnet manufacturing lines specifically designed for Apple products.

Following its commitment to spend more than $500 billion in the U.S., Apple announced a partnership to buy American rare earth magnets.