The process for establishing SAMVAL was initiated through an open meeting at a colloquium convened by the SAIMM in March 2002. Various papers and articles were published on the matter and the colloquium called for comment and mandates.

Representatives from the Australasian Institute of Mining and Metallurgy (AusIMM), the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), the International Accounting Standards Board (IASB) and the International Valuation Standards Committee (IVSC) presented at the colloquium.

Thereafter a working group was formed originally under the chairmanship of Alastair Macfarlane followed by Rob Croll. The draft SAMVAL Code was completed in late 2007 and circulated for industry comment.

The SAMVAL Code was officially launched in April 2008.