diff --git a/CHANGES b/CHANGES
index fb880f5f93..b2f21dabe1 100644
--- a/CHANGES
+++ b/CHANGES
@@ -16,6 +16,7 @@
 	#749: Bump usbutils package to version 0.86
 	#751: Kernel 2.6 snapshot fetch fail
 	#753: Bump lighttpd package to 1.4.25
+	#757: U-Boot: mkimage cannot be installed using external toolchain
 	#761: Add binutils 2.20 to toolchain options
 	#763: [SECURITY] Update pcre to 7.9
 	#765: Add buildroot branding to gcc
diff --git a/target/u-boot/Makefile.in b/target/u-boot/Makefile.in
index 69877378e7..5f4cd4c206 100644
--- a/target/u-boot/Makefile.in
+++ b/target/u-boot/Makefile.in
@@ -169,6 +169,7 @@ $(BINARIES_DIR)/$(U_BOOT_BIN): $(U_BOOT_DIR)/$(U_BOOT_BIN)
 	(cd $(BINARIES_DIR); ln -s $(U_BOOT_TARGET_BIN) $(U_BOOT_BIN))
 
 $(U_BOOT_TOOLS): $(U_BOOT_DIR)/$(U_BOOT_BIN)
+	mkdir -p $(@D)
 	cp -dpf $(U_BOOT_DIR)/tools/$(U_BOOT_TOOLS_BIN) $(STAGING_DIR)/usr/bin/
 
 $(TARGET_DIR)/usr/bin/mkimage: $(U_BOOT_DIR)/$(U_BOOT_BIN)