US-based rare earth materials miner MP Materials Corp. (MP) saw its stock soar 20% Tuesday after announcing a deal with Apple (AAPL). Apple on Tuesday said that it had committed to a $500 million multiyear deal with MP Materials to buy its rare earth magnets for the tech giant's products.

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 announced a $500 million deal with MP Materials for the development of a recycling facility and rare earth magnets to boost overall production on Tuesday.