As part of our ongoing efforts in the aftermath of the tragic accident at Minera Yanaquihua, Swiss Better Gold has been actively engaged in various activities since the mine resumed operations in October 2023.  

• Establishing an SBG GAP analysis and a comprehensive Continuous Improvement Plan  

Minera Yanaquihua achieved Step 2 accreditation as SBG producer on the basis of their certification with the RJC as well as several re-certifications, the last of which was completed in February - March 2021, with an associated mid-term review in March 2023. 

Following the accident, Swiss Better Gold took the decision to establish an SBG Gap analysis and a Continuous Improvement Plan for the operation, on the basis of our own instruments, rather than relying on the RJC tools alone. 

• Third-Party Verification 

In February 2024, we commissioned a specific Health & Safety on-site verification event conducted by a specialist Peruvian audit firm, IPER Captiva. Their audit, validating the findings of our own GAP analysis, affirmed that Minera Yanaquihua has a sound Health & Safety strategy in place with minor areas for improvement identified at the operational level which the mining operation will be focusing on. 

• Closing gaps and reaching full compliance through technical assistance

With these conclusions in hand, Swiss Better Gold now has a clearer understanding of the targeted support and technical assistance we need to provide to Minera Yanaquihua. Our field team will work closely with the mine to address identified gaps and reach full compliance with our sourcing strategy.

In alignment with our commitment to accountability and continuous improvement, Minera Yanaquihua's own production will now be treated as Step 1 material until the Continuous Improvement Plan is fully implemented. This means that the mine will not be subject to an impact premium during this transitional period. Read more about our continuous improvement approach here. 

It should be noted that this measure will not apply to the ASM producers working with Minera Yanaquihua. Their material will continue to be treated as Step 2 and therefore remains eligible for the associated impact premium. 

Swiss Better Gold remains steadfast in our commitment to transparency, and we will continue sharing developments as they arise. 

Swiss Better Gold Association

March 2024

Related news:

• Swiss Better Gold Update on Minera Yanaquihua | 11 January 2024
• Communication about minera Yanaquihua | 27 September 2023