diff --git a/libbase/Makefile.am b/libbase/Makefile.am
index 4670119..0377430 100644
--- a/libbase/Makefile.am
+++ b/libbase/Makefile.am
@@ -129,6 +129,11 @@ libltdl_la_LDFLAGS = -no-undefined -version-info 4:4:1
 libltdl_la_LIBADD = $(LIBADD_DL)
 
 if WIN32
+  libltdl_la_LDFLAGS += -static
+endif
+endif
+
+if WIN32
   libgnashbase_la_LIBADD += -lws2_32 -lwinmm
 endif
 
@@ -258,10 +263,6 @@ if WIN32
   libgnashbase_la_LIBADD += -lws2_32 -lwinmm
 endif
 
-if WIN32
-  libltdl_la_LDFLAGS += -static
-endif
-endif
 CLEANFILES = libltdl.la libltdlc.la gnashrc gnashpluginrc
 
 # Rebuild with GCC 4.x Mudflap support