The symptom is a missing `/usr/bin/cargo -> /usr/bin/cargo-$P` symlink after a rust upgrade. There may be other missing symlinks, but the cargo one makes other builds fail. When running `eselect rust list` all seems normal (only one version available, and it is selected). Running `eselect rust set 1` sets the missing cargo symlink. This happened to me twice, most recently after upgrading `dev-lang/rust` from 1.29 to 1.30. This upgrade is a bit different since `cargo` is now a mandatory part of the `dev-lang/rust` install instead of pulling in `dev-util/cargo`, but I've seen the symptom with older rust versions as well.
*** This bug has been marked as a duplicate of bug 671182 ***