MP Materials announced a $500 million partnership to supply Apple with rare-earth materials from its US mine, sending shares soaring.

The iPhone maker is committing $500 million to buying rare-earth magnets from the company’s flagship facility in Texas, which Apple is helping to build out.

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.