United Kingdom, July 16 -- Apple has announced plans to purchase $500 million worth of rare earth magnets made in the United States over the next several years.

The company will source the magnets - essential components used in iPhones, iPads, and MacBooks - from MP Materials, a Nevada-based firm backed by the U.S. Department of Defense.

These magnets are used in devices' speakers, haptic systems, and internal fans.

Apple CEO Tim Cook said in a statement: "American innovation drives everything we do at Apple, and we're proud to deepen our investment in the U.S. economy.

"Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United St...