Since our last update in March 2024, Swiss Better Gold has remained actively engaged with Minera Yanaquihua, focusing on occupational health and safety (OHS) activities. 

• Implementing a continuous improvement plan

Swiss Better Gold has worked closely with Minera Yanaquihua to finalise an action plan to address all identified OHS gaps. A structured “What, Who, When” plan has been in place since April 2024, allowing Swiss Better Gold and Minera Yanaquihua to track and verify improvements, specifically targeting areas such as emergency preparedness, accuracy of documentation, trainings and several other OHS related matters.

• Ongoing monitoring and verification

In August and October 2024, follow-up monitoring visits confirmed 89% OHS compliance at Minera Yanaquihua against the Swiss Better Gold criteria, with an overall operational compliance of 97%. Swiss Better Gold will continue to conduct regular monitoring visits and meetings to support full implementation of our criteria by the mine. 

• Enhanced insurance and security for ASM miners

In July 2024, Swiss Better Gold and Minera Yanaquihua initiated the introduction of a personal accident insurance for artisanal miners working within the concession of Minera Yanaquihua. These miners are not part of Minera Yanaquihua’s direct workforce. This coverage ensures that artisanal miners working within the concession are also protected in the event of an accident. According to Minera Yanaquihua, who organises the roll-out, just three months after its introduction, 30% of the artisanal miners are already insured.

Swiss Better Gold has also introduced the SBG-LBMA ASGM responsible sourcing toolkit to improve transparency and traceability of ASGM-produced gold, with initial pilot workshops underway for the future roll-out of this toolkit. To improve data accuracy and simplifies reporting, a mobile app that allows ASM miners to digitally complete the SBG-LBMA form, even in areas with low connectivity, is being tested now. 

• Overall trainings and capacity building

Workshops for ASGM miners: In July 2024, Swiss Better Gold hosted a regional OHS workshop for Swiss Better Gold partner mines in Arequipa, focusing on legal compliance, risk management and safety leadership.

New workshop series: A four-part series for ASGM operators began in October 2024, covering critical areas such as explosives management and gas accident prevention. The remaining sessions, covering fire safety and emergency response, will conclude in November 2024.

In alignment with our commitment to accountability and continuous improvement, Minera Yanaquihua’s own production continues be to be treated as Step 1 material until the Continuous Improvement Plan is fully implemented. This means that the mine is not compliant with the Step 2 Swiss Better Gold requirements and as a result does not benefit from the impact premium during this transitional period. 

• Read more about our continuous improvement approach here. 

Swiss Better Gold’s cooperation with Minera Yanaquihua is an example of our wider commitment to safety and responsible practices in gold supply chains. Swiss Better Gold's initiatives in Peru, Colombia and Bolivia reflect significant progress in OHS, responsible sourcing and community support. These efforts are further detailed in the 2023 edition of the Swiss Better Gold Impact Report.

Swiss Better Gold will continue informing its stakeholders on advances related to Minera Yanaquihua and our broader impacts and achievements within the ASM sector through our upcoming Impact Report.