Responsible Gold: Swiss Better Gold Signs Agreement with Bank of Mongolia and Argor-Heraeus

The initiative goes beyond a purely commercial relationship. For small-scale mining operations, meeting international responsible sourcing requirements means formalising their activities and documenting the gold’s journey through the supply chain to the refiner. The programme is intended to support this transition while creating market opportunities for participating producers.

The signing of the agreement coincides with a high-level field mission to Mongolia, currently taking place from September 24 to October 1, 2026. The delegation includes representatives from Swiss Better Gold, Argor-Heraeus, the Bank of Mongolia, Swiss responsible investment firm de Pury Pictet Turrettini & Cie SA, as well as consultants from the London Bullion Market Association (LBMA).

The timing is significant for Mongolia, which aims to make substantial efforts to promote responsible gold practices in the country and reduce illegal mining as far as possible. Home to numerous mining operations, ranging from small-scale artisanal sites to larger-scale mines, Mongolia produced approximately 16 tonnes of gold in 2026. The entire production is purchased by the Central Bank of Mongolia, with around 20% retained as reserves and the remainder converted into foreign currencies. Refining has been carried out exclusively by Swiss refiner Argor-Heraeus, based in Mendrisio, for the past ten years.

The objective is to enable Mongolian industry stakeholders — including representatives of mining operations, traders and commercial banks — to gain a better understanding of the criteria for responsible sourcing of gold from artisanal and small-scale mining, in line with LBMA requirements, as well as the growing importance of traceability in global gold markets.

Established in 2013 and based in the Swiss canton of Vaud, the Swiss Better Gold Association is a non-profit organisation whose mission is to promote socially and environmentally responsible practices among artisanal and small- and medium-scale gold producers.

Already active in Peru since 2013 and Colombia since 2017, SBG has been working since 2025 to develop good practices in several regions of Mongolia. Its Managing Director, Diana Culillas, said: “Our experience in Colombia and Peru shows us that our programme can be replicated in Mongolia. Today’s agreement demonstrates the strong commitment of our Mongolian partners — the mines, the Ministry of Environment, the Ministry of Mining and the Central Bank of Mongolia — and the ability of Swiss Better Gold to promote improved mining practices and help reach international standards. In my view, Mongolia can serve as an example for other gold-producing countries with a significant ASM (Artisanal and Small-scale Mining) presence.”

The agreement signed on September 28 therefore seeks to position Mongolia as a leader in the Asian region in implementing a responsible gold sourcing programme that benefits mining communities while meeting the expectations of global markets.