Index: pym/portage/__init__.py
===================================================================
--- pym/portage/__init__.py	(revision 12023)
+++ pym/portage/__init__.py	(working copy)
@@ -5105,8 +5105,9 @@
 		logid_time = time.strftime("%Y%m%d-%H%M%S",
 			time.gmtime(os.stat(logid_path).st_mtime))
 		mysettings["PORTAGE_LOG_FILE"] = os.path.join(
-			mysettings["PORT_LOGDIR"], "%s:%s:%s.log" % \
+			mysettings["PORT_LOGDIR"], "%s/%s:%s.log" % \
 			(mysettings["CATEGORY"], mysettings["PF"], logid_time))
+		portage.util.ensure_dirs(os.path.dirname(mysettings["PORTAGE_LOG_FILE"]))
 		del logid_path, logid_time
 	else:
 		# When sesandbox is enabled, only log if PORT_LOGDIR is explicitly