Latest news with #supply deal
Yahoo
17-07-2025
- Business
- Yahoo
MP Materials commences $500 million public offering of common stock
(Reuters) -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. Shares of MP Materials fell 5.8% in extended trade. They have surged 275% so far this year, giving the company a market value of $9.57 billion. The $500 million agreement with Apple is a coup for MP and a rare investment by a tech company aiming to reduce its supply risks for rare earth magnets. The Las Vegas-based company also signed a multibillion-dollar agreement with the U.S. Department of Defense last week as the government seeks to reduce its reliance on China, which restricted rare earths exports in April in response to President Donald Trump's tariffs. Though the U.S. and China reached a deal in June that has resolved much of the rare earths dispute, broader trade tensions continue to underscore demand for non-Chinese supply. The Pentagon deal did not require MP Materials to issue stock for the general public. MP said it intends to use net proceeds from the offering to fund growth opportunities and for general corporate purposes. The company said it would grant underwriters a 30-day option to purchase up to an additional 15% of its shares. J.P. Morgan and Goldman Sachs are acting as lead joint book-running managers in the stock sale, while Morgan Stanley is another book-running manager. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-07-2025
- Business
- Yahoo
MP Materials commences $500 million public offering of common stock
(Reuters) -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. Shares of MP Materials fell 5.8% in extended trade. They have surged 275% so far this year, giving the company a market value of $9.57 billion. The $500 million agreement with Apple is a coup for MP and a rare investment by a tech company aiming to reduce its supply risks for rare earth magnets. The Las Vegas-based company also signed a multibillion-dollar agreement with the U.S. Department of Defense last week as the government seeks to reduce its reliance on China, which restricted rare earths exports in April in response to President Donald Trump's tariffs. Though the U.S. and China reached a deal in June that has resolved much of the rare earths dispute, broader trade tensions continue to underscore demand for non-Chinese supply. The Pentagon deal did not require MP Materials to issue stock for the general public. MP said it intends to use net proceeds from the offering to fund growth opportunities and for general corporate purposes. The company said it would grant underwriters a 30-day option to purchase up to an additional 15% of its shares. J.P. Morgan and Goldman Sachs are acting as lead joint book-running managers in the stock sale, while Morgan Stanley is another book-running manager. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
16-07-2025
- Business
- Reuters
MP Materials commences $500 million public offering of common stock
July 16 (Reuters) - MP Materials (MP.N), opens new tab 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 (AAPL.O), opens new tab. Shares of MP Materials fell 5.8% in extended trade. They have surged 275% so far this year, giving the company a market value of $9.57 billion. The $500 million agreement with Apple is a coup for MP and a rare investment by a tech company aiming to reduce its supply risks for rare earth magnets. The Las Vegas-based company also signed a multibillion-dollar agreement with the U.S. Department of Defense last week as the government seeks to reduce its reliance on China, which restricted rare earths exports in April in response to President Donald Trump's tariffs. Though the U.S. and China reached a deal in June that has resolved much of the rare earths dispute, broader trade tensions continue to underscore demand for non-Chinese supply. The Pentagon deal did not require MP Materials to issue stock for the general public. MP said it intends to use net proceeds from the offering to fund growth opportunities and for general corporate purposes. The company said it would grant underwriters a 30-day option to purchase up to an additional 15% of its shares. J.P. Morgan and Goldman Sachs are acting as lead joint book-running managers in the stock sale, while Morgan Stanley is another book-running manager.
Yahoo
16-07-2025
- Business
- Yahoo
MP Materials commences $500 million public offering of common stock
(Reuters) -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. Shares of MP Materials fell 5.8% in extended trade. They have surged 275% so far this year, giving the company a market value of $9.57 billion. The $500 million agreement with Apple is a coup for MP and a rare investment by a tech company aiming to reduce its supply risks for rare earth magnets. The Las Vegas-based company also signed a multibillion-dollar agreement with the U.S. Department of Defense last week as the government seeks to reduce its reliance on China, which restricted rare earths exports in April in response to President Donald Trump's tariffs. Though the U.S. and China reached a deal in June that has resolved much of the rare earths dispute, broader trade tensions continue to underscore demand for non-Chinese supply. The Pentagon deal did not require MP Materials to issue stock for the general public. MP said it intends to use net proceeds from the offering to fund growth opportunities and for general corporate purposes. The company said it would grant underwriters a 30-day option to purchase up to an additional 15% of its shares. J.P. Morgan and Goldman Sachs are acting as lead joint book-running managers in the stock sale, while Morgan Stanley is another book-running manager. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
South China Morning Post
15-07-2025
- Business
- South China Morning Post
Apple to buy rare earths from Pentagon-backed US producer MP in US$500 million deal
Apple has struck a US$500 million deal to buy rare earth minerals from MP Materials, the US producer that just last week secured backing from the Pentagon. The two companies will build a factory in Texas, with neodymium magnet manufacturing lines tailored for Apple products, the iPhone maker said Tuesday in a statement. Apple said the spending on rare earth minerals is part of its earlier pledge to invest more than US$500 billion in the US over the next four years. Shares of MP Materials surged as much as 18 per cent in New York to the highest intraday price since April 2022, while Apple's stock rose as much as 1 per cent. Fox News reported some details on the supply deal earlier on Tuesday. The world's dependence on China for rare earth permanent magnets that are essential for consumer tech, cars, wind turbines and fighter aircraft has become a flash point in the US trade war with the Asian nation. After the Trump administration imposed 145 per cent tariffs on China, boasting that it had the upper hand, Beijing turned the tables by essentially shutting down exports of the critical component. MP Materials operates the sole US rare earth mine at Mountain Pass in California.
