Index: pym/portage.py
===================================================================
--- pym/portage.py	(revision 6478)
+++ pym/portage.py	(revision 6479)
@@ -2568,9 +2568,9 @@
 						"${URI}":loc, "${FILE}":myfile}
 					for i in xrange(len(myfetch)):
 						token = myfetch[i].strip("\"'")
-						value = variables.get(token)
-						if value is not None:
-							myfetch[i] = value
+						for var, value in variables.iteritems():
+							token = token.replace(var, value)
+						myfetch[i] = token
 
 					spawn_keywords = {}
 					if "userfetch" in mysettings.features and \