Century Aluminum's stock surged 5.24% during intraday trading on Tuesday, marking a significant upward movement for the aluminum producer.

The sharp rise appears to be driven by positive developments regarding the company's major joint venture project with Emirates Global Aluminium (EGA). Despite ongoing geopolitical tensions in the Middle East, EGA's chief marketing officer confirmed at the CRU World Aluminium Conference that investment plans, including the U.S. smelter project with Century Aluminum, are proceeding unchanged.

EGA and Century Aluminum are partnering to build the first new primary aluminium smelter in the United States in nearly 50 years. The project in Oklahoma, in which EGA holds a 60% stake, is expected to cost approximately $4 billion and produce 750,000 metric tons of aluminium annually, more than doubling current U.S. production capacity. EGA officials indicated they hope to break ground on the project this year.