I don't think there is anything to update because I've downloaded latest tools yesterday from mamedev site. Even running command You mentioned pacman clearly says there is nothing to update.
I did as mentioned
Quote: If you have 64-bit Windows but wish to build for both 32-bit and 64-bit. To switch between different mingw versions use config32.bat and config64.bat)
But this didn't help either. I'll try standalone mingw64 package.