(Reuters) -Consumer electronics giant Apple is expected to announce a $500 million investment in MP Materials, operator of the only U.S. rare earths mine, Fox Business reported on Tuesday, citing sources familiar with the deal.

However, it’s not just the government rushing to ensure rare earth supply. Apple (NASDAQ: AAPL) has one-upped the Pentagon by announcing a $500 million agreement with MP Materials to secure recycled rare earth magnets.

The long-term bull case for the stock rests on the idea that U.S. administrations will aim for rare earth material independence from China, and MP Materials, a company that operates the only rare earth and processing facility, at Mountain Pass in California, , will be a key part of the process.