Same problem with 1.2.1 and 1.2.2-r1. Attaching strace output.
Created attachment 58979 [details] sonar.log strace output
emerge info Portage 2.0.51.19 (default-linux/x86/2005.0, gcc-3.4.3-20050110, glibc-2.3.4.20050125-r0, 2.6.11-gentoo-r5 i686) ================================================================= System uname: 2.6.11-gentoo-r5 i686 AMD Athlon(tm) XP 3000+ Gentoo Base System version 1.6.9 Python: dev-lang/python-2.3.4-r1 [2.3.4 (#1, Mar 18 2005, 20:56:03)] ccache version 2.3 [enabled] dev-lang/python: 2.3.4-r1 sys-apps/sandbox: [Not Present] sys-devel/autoconf: 2.59-r6, 2.13 sys-devel/automake: 1.7.9-r1, 1.8.5-r3, 1.5, 1.4_p6, 1.6.3, 1.9.4 sys-devel/binutils: 2.15.92.0.2-r1 sys-devel/libtool: 1.5.16 virtual/os-headers: 2.6.8.1-r2
see bug 53409
My bad, only searched for open bugs.