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.

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

Apple AAPL is putting up $500 million to help MP Materials MP launch a rare-earth metals recycling facility, the Dow Jones giant said Tuesday. MP stock jumped early Tuesday after Fox Business broke the story about the Apple deal,