The team at Goldman Sachs has been busy running the rule over the mining sector this week.

This has led to the broker making a number of upgrades and downgrades to its recommendations. Let's see which ASX 200 mining shares have been impacted:

Fortescue Ltd (ASX: FMG)

The worst could be over for Fortescue shares after their fall from grace over the past 12 months.

This morning, Goldman Sachs has taken its sell rating off the iron ore miner's shares and upgraded them to neutral with a $15.30 price target. The broker explains:

Upgrade FMG to Neutral (from Sell) with the stock now trading at ~0.8x NAV, although we expect FCF to compress over 2025 in-line with our lower iron ore price forecasts. The company does have levers it can pull on opex and capex if required.

Mineral Resources Ltd (ASX: MIN)

Despite falling almost 80% over the past 12 months, Goldman Sachs isn't any more positive on this ASX 200 mining share.

In fact, this morning, the broker has downgraded the mining and mining services company's shares to a sell rating with an $18.00 price target. It said:

Downgrade MIN to Sell (from Neutral) on valuation (and relative TSR vs. our coverage), high net debt and low FCF, and after downgrading EBITDA estimates after pushing out the Ashburton ramp-up and decreasing our near to medium term iron ore price forecasts. MIN continues to be highly geared, and we forecast net debt to further increase across FY25/26.

Whitehaven Coal Ltd (ASX: WHC)

Another ASX 200 mining share that has been hit with a downgrade is coal miner Whitehaven Coal.

Goldman has taken its buy rating off its shares and downgraded them to neutral with a $5.70 price target. It explains:

Downgrade WHC to Neutral (from Buy) with our EBITDA estimates now well below Visible Alpha Consensus Data post our coal price downgrades, and limited FCF over the near to medium term, with an average FCF yield of -2% from FY25-30 (~A$100mn per annum). WHC may have to defer capex if coal prices stay low.

Elsewhere, the broker has downgraded coal miner Coronado Global Resources Inc (ASX: CRN) and mining royalties company Deterra Royalties Ltd (ASX: DRR) to neutral ratings and upgraded copper miner Sandfire Resources Ltd (ASX: SFR) to a buy rating with a $10.20 price target.

In respect to the latter, the broker said:

Upgrade SFR to Buy (from Neutral) on valuation, our positive long run view on copper despite expected volatility near term, and strong FCF and deleveraging, trading on >10% FCF yield from 2025-2027, and forecast to be net cash by end of FY26 on our estimates.