MP Materials’ goal to become a national rare-earths “champion” that can go toe-to-toe with China was turbocharged by Pentagon investment and an Apple deal. But its journey there highlights the hurdles American producers face.

MP Materials, the operator of the only rare earths mine in the United States, has signed a $500 million deal with Apple.

Apple has signed a $500-million deal with Pentagon-backed MP Materials for a supply of rare earth magnets, becoming one of the first tech companies to ink a U.S. supply agreement after China curbed exports earlier this year.

MP Materials is a US producer that just last week secured backing from the Pentagon, and will now be working with the biggest name in consumer technology.

Apple’s deal with MP Materials is more than just a supply-chain strategy. It's a geopolitical insurance policy.

For the first time in more than 70 years, a rare earth minerals mine broke ground in the United States last Friday. The Brook Mine, owned by Ramaco Resources, near Sheridan, Wyoming, is also the first new coal mine in the state to have opened in decades.

China signaled it would approve the export of rare earth minerals in a statement Friday hours after White House officials said that the US and China had signed a trade agreement to work out tensions linked to US access to the key material.

The continent wants to reduce the risks of depending so heavily on China for the valuable minerals. The question is how.

EXCLUSIVE: Apple is expected to announce a $500 million commitment to MP Materials — the only rare earth mine currently operating in the United States, according to multiple sources familiar with the deal.

China's exports growth beat expectations in June as businesses continued to divert shipments to non-U.S. markets while shunning the U.S. despite a tariff reprieve.