Taken from http://svn.mandriva.com/svn/packages/cooker/libprojectm/current/SOURCES/libprojectM-2.0.0-fix-linking.patch

--- CMakeLists.txt.link	2010-02-18 09:50:09.000000000 +0100
+++ CMakeLists.txt	2010-02-18 09:54:35.000000000 +0100
@@ -186,10 +186,10 @@
 LINK_DIRECTORIES(${FTGL_LINK_DIRS} ${Renderer_BINARY_DIR} ${PRESET_FACTORY_BINARY_DIR})
 
 if(BUILD_PROJECTM_STATIC)
-		TARGET_LINK_LIBRARIES(projectM ${GLEW_LINK_TARGETS} m ${FTGL_LINK_TARGETS} ${OPENGL_LIBRARIES} ${IMAGE_LINK_TARGETS} ${CG_LINK_TARGETS} ${PRESET_FACTORY_LINK_TARGETS})
+	TARGET_LINK_LIBRARIES(projectM Renderer ${IMAGE_LINK_TARGETS} ${CG_LINK_TARGETS} ${PRESET_FACTORY_LINK_TARGETS} ${GLEW_LINK_TARGETS} ${FTGL_LINK_TARGETS} m dl ${OPENGL_LIBRARIES})
 else(BUILD_PROJECTM_STATIC)
 
-TARGET_LINK_LIBRARIES(projectM ${GLEW_LINK_TARGETS} m ${FTGL_LINK_TARGETS} ${OPENGL_LIBRARIES}  ${IMAGE_LINK_TARGETS} ${CG_LINK_TARGETS} ${PRESET_FACTORY_LINK_TARGETS})
+	TARGET_LINK_LIBRARIES(projectM Renderer ${IMAGE_LINK_TARGETS} ${CG_LINK_TARGETS} ${PRESET_FACTORY_LINK_TARGETS} ${GLEW_LINK_TARGETS} ${FTGL_LINK_TARGETS} m dl ${OPENGL_LIBRARIES} )
 
 endif(BUILD_PROJECTM_STATIC)
 
--- Renderer/CMakeLists.txt.link	2010-02-18 10:22:15.000000000 +0100
+++ Renderer/CMakeLists.txt	2010-02-18 10:22:30.000000000 +0100
@@ -13,4 +13,4 @@
 INCLUDE_DIRECTORIES(${projectM_SOURCE_DIR})
 ADD_LIBRARY(Renderer STATIC ${Renderer_SOURCES})
 SET_TARGET_PROPERTIES(Renderer PROPERTIES VERSION 2.00 SOVERSION 2)
-TARGET_LINK_LIBRARIES(Renderer m)
+TARGET_LINK_LIBRARIES(Renderer m ${OPENGL_LIBRARIES} ${FREETYPE2_LIBRARIES})