A sea of cash has kept the world's big miners afloat in the first few months of the year, but below the surface there are cost and operational problems that will soon test the credentials of management. Investors, if not their advisers, sense the longer-term challenges by selling sector leaders even as most investment banks say buy. Anglo American fell 8% on the day it announced cuts to iron ore and coal guidance and then kept falling, ending last week down a chunky 14.6%, wiping out much of this year's gain.
NSTL
