Its chairman Bob Kamandanu decided to step down only weeks ahead of a vote proposed by largest shareholder Samin Tan to replace most directors and take the reins at the company.
Dozens of mines closed last year but another 175 million tonnes will have to drop out to neutralize 2015 output growth, which unlike copper is de-risked.
Strong fundamentals will lift the price, but all bets are off if the many ETF investors who bought between $20–$30 lose confidence and start liquidating en masse.