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Consumer electronics giant %Apple (NASDAQ: $AAPL ) is planning to invest $500 million U.S. in %MPMaterials (NYSE: $MP ), the operator of the only rare earths mine in America.

Shares of Las Vegas-based MP Materials rose as mush as 12% in premarket trading on news of the investment from Apple.

The move by Apple comes a week after MP Materials agreed to a multibillion-dollar deal with the U.S. government to boost output of %RareEarth magnets, metals and minerals and help lessen America's dependence on China for those elements.

Rare earth magnets, metals and minerals are used to build weapons, electric vehicles (EVs), and electronics such as the smartphones, tablets and laptop computers made by Apple.

Media reports say that the agreement includes plans for Apple to purchase U.S.-made rare earth magnets from MP Materials' Texas-based facility.

MP Materials already produces mined and processed rare earths and has said that it expects to start commercial magnet production at its Texas facility by the end of this year.

There are also reportedly plans for Apple and MP Materials to build another factory in Fort Worth, Texas to produce magnets and a new recycling facility in California.

MP Materials deal with the U.S. Department of Defense includes a price floor for rare earths, designed to spur investment in domestic mines and processing plants.

China is the world's largest producer of rare earth materials, controlling 69% of global production.

MP stock has gained 196% this year to trade at $48.52 U.S. per share.

AAPL stock has declined 15% on the year and currently trades at $208.62 U.S. a share.