installed mingw64 version of rake using pacman (pacman -S mingw-w64-x86_64-ruby 2.3.0-1), ruby and rake files installed into C:\msys64\mingw64\bin as one would expect, however ruby.bat refered to non-existant c:\msys64\usr\bin\ruby.exe
rake.bat still has wrong paths baked in.
rake.bat
rake.batstill has wrong paths baked in.