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 .

Apple’s investment in the mining company MP Materials will also help the tech giant reduce its dependence on China for rare earth metals.

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.

US-based rare earth producer MP Materials has entered into a definitive, long-term agreement with tech giant Apple to supply US-manufactured, sustainable rare earth magnets. These magnets will be produced using 100% recycled materials in a significant step in both companies' commitment to sustainable and domestic supply chains.

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

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.