China’s spy agency has accused overseas intelligence agencies of stealing controlled rare earth materials, reiterating its intent to curb smuggling even as Beijing agrees to review applications to export the vital industrial resource after trade talks with the US.

The money will allow the business, with operations including a mine in California and a factory in Texas, to dramatically increase production of the magnets needed for fighter jets, electric vehicles,

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.

Just four months into his tenure at the Pentagon, private equity billionaire Steve Feinberg has landed his first big deal: a $400 million bet on the US’s only miner of rare-earth elements, a key commodity in the rivalry with China.

In first half of 2025, exports reach US$6.7 million, which analysts view as sign of China’s bid to diversify access to strategic minerals.

The moves by Apple and the Pentagon are part of a broader U.S. push to nearshore rare earth supply chains. Earlier this year, President Trump proposed annexing Greenland, an autonomous Danish territory estimated to contain $4.4 trillion worth of rare earth reserves. Vice President JD Vance made a surprise visit in support of the plan.

Apple’s investment in the mining company MP Materials will also help the tech giant reduce its dependence on China for rare earth metals.

China's rare earth export curbs disrupt India's electric vehicle (EV) ambitions, sparking urgent policy shifts and efforts to reduce dependency through domestic production and alternative sourcing.