loadable_modules are just like shared libs for code generation.

build/common.gypi

 # Copyright (c) 2009 The Chromium Authors. All rights reserved.
 # Use of this source code is governed by a BSD-style license that can be
 # found in the LICENSE file.
 
 {
   'variables': {
     # .gyp files should set chromium_code to 1 if they build Chromium-specific
     # code, as opposed to external code.  This variable is used to control
     # such things as the set of warnings to enable, and whether warnings are
     # treated as errors.
@@ skipping 164 matching lines @@
           'PREBINDING': 'NO',
           'SDKROOT': 'macosx10.5',
           'USE_HEADERMAP': 'NO',
           'WARNING_CFLAGS': ['-Wall', '-Wendif-labels'],
           'conditions': [
             ['chromium_mac_pch', {'GCC_PRECOMPILE_PREFIX_HEADER': 'YES'},
                                  {'GCC_PRECOMPILE_PREFIX_HEADER': 'NO'}],
           ],
         },
         'target_conditions': [
-          ['_type=="shared_library"', {
+          ['_type=="shared_library" or _type=="loadable_module"', {
             'xcode_settings': {'GCC_DYNAMIC_NO_PIC': 'NO'},
           }],
           ['_type!="static_library"', {
             'xcode_settings': {'OTHER_LDFLAGS': ['-Wl,-search_paths_first']},
           }],
           ['_mac_bundle', {
             'xcode_settings': {'OTHER_LDFLAGS': ['-Wl,-ObjC']},
           }],
           ['_type=="executable"', {
             'postbuilds': [
@@ skipping 102 matching lines @@
     # settings in target dicts.  SYMROOT is a special case, because many other
     # Xcode variables depend on it, including variables such as
     # PROJECT_DERIVED_FILE_DIR.  When a source group corresponding to something
     # like PROJECT_DERIVED_FILE_DIR is added to a project, in order for the
     # files to appear (when present) in the UI as actual files and not red
     # red "missing file" proxies, the correct path to PROJECT_DERIVED_FILE_DIR,
     # and therefore SYMROOT, needs to be set at the project level.
     'SYMROOT': '<(DEPTH)/xcodebuild',
   },
 }