Creating an OCaml library

OCamlbuild has some built-in functionality for building libraries, so you can get started with just ocamlbuild foo.cma foo.cmxa (assuming foo.ml is your entry point). This will invoke ocamlopt -a and ocamlc -a for you, handling all the dependency plumbing and leaving the generated files inside _build.

That should be enough to let you compile a library and link it from another program. Since this is just a test you can simply point at the aforementioned _build with -I when compiling the program that uses the library. For real use a library should be packaged - when you get to that point you'll want to look into ocamlfind, oasis, etc.

Have a look at the ocaml.org tutorial on compiling OCaml projects. Additionally the official manual for the bytecode and native code compilers contains useful detail on producing and using the various types of files.