MP is the largest producer of rare earths in the Western Hemisphere, but China remains the leader in mining the materials and controls about 85% of global refining capacity. Some

Shares of MP Materials are surging in early trading Tuesday after Apple said it would invest $500 million in the owner of the U.S.’s only operational rare earths mine.

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.