The big three S&P/ASX 200 Index (ASX: XJO) mining shares all handily outperformed the benchmark this week.
In afternoon trade on Friday, the ASX 200 is up 0.25% since Monday's opening bell.
By comparison, the Fortescue Metals Group Ltd (ASX: FMG) share price is up 5.1% over the week. BHP Group Ltd (ASX: BHP) shares have gained 3.9% over that time. And the Rio Tinto Ltd (ASX: RIO) share price is up 4.3%.
Here's what's been happening with the ASX 200 mining shares this week.
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Why these ASX 200 mining shares made our headlines
Rio Tinto shares made our headlines before the opening bell this week following a positive note on the miner from Goldman Sachs.
The broker called Rio Tinto's third quarter update "strong", with forecast production growth contributing to its positive medium-term outlook.
Goldman has a buy rating on Rio Tinto stock with a $126.50 share price target. That represents a potential 8% upside from the current share price of $117.24.
As for BHP, it's enjoyed a healthy boost this week alongside the other ASX 200 mining shares amid a resilient iron ore price.
As we reported on Wednesday, the iron ore miners were all racing higher following a 2.9% overnight boost in the iron ore price to just over US$116 per tonne.
The industrial metal has defied consensus expectations that it would be trading for less than US$100 per tonne in the fourth quarter. This week's boost came amid news of new government stimulus measures out of China, the world's top importer of iron ore.
Finally, Fortescue grabbed our headline news yesterday following the release of the company's third-quarter update.
The ASX 200 mining share closed up 0.9% on the day after reporting 45.9 million tonnes (Mt) of iron ore shipments over the quarter.
The three months also saw Fortescue's Iron Bridge project kick off production, contributing to the milestone of two billion tonnes of iron ore shipped since Fortescue first commenced operations.
