This howto will show you how to quickly and easily set up an ARM toolchain so that you can use openembedded. You can also use this toolchain to compile the linux kernel or anything else that you specifically want to compile for the mini2440.
Download the toolchain here.
After you've downloaded the toolchain, you can untar it into your /usr/local directory or somewhere in your home directory if you don't have root access to the machine you're compiling on.
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