If he had a password hidden on Mt. Everest and demonstrated that to the court's satisfaction, and then cooperated with the court's order to reasonably assist in decryption (e.g., allowing the court access to the sherpa that routinely retrieves this key and enters it to decrypt his disks via some remote mechanism), I assume he would be considered compliant.
But if this were really how he obtains the password (and similar schemes of off-site passwords and accomplices aren't so outlandish in the case of servers which might require the keys on reboot a few times per year), how could he possibly defend himself from the contempt charge? It sickens me to imagine being in the same situation. If this isn't an instance of the cruel trilemma, I don't know what is =(