Shares in mining companies have been summarily dumped by investors this year amid spiralling commodity prices, but their valuations remain sky high, suggesting investors are pricing in a recovery, Goldman Sachs says.

Mining stocks, including BHP Billiton have suffered huge falls amid a horror start to 2016. Shares in the Big Australian have fallen 18 per cent, spurred by a $US5 billion ($7.3 billion) write-down and the continued rout in commodity prices, notably oil, which has slumped more than 20 per cent in 2016.