(My question has been asked here before but with no working answers that I can see. E.g. Xcode4 Workspace with Static library project & application project)
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I was having this issue with one of my libraries. I actually have 4 other libraries I build that are included that look fine, appear black, but one that did not. My red library was solved by changing the Base SDK in the Build Settings of the library project. Since the library could build for Mac OS X and iOS it was set to the Mac OS X setting. The iOS target library still built but never turned black. Once I changed the Base SDK build setting to be latest iOS my library turned to black.