Breaking limits of LVM, Physical Partitions, Volume Groups in AIX

Are you facing the situation that you can not extend LUN or mirror smaller LUNs to one big LUN in AIX because you reached limit of Physical Partitions in Volume Group?

extendvg VGname hdisk4
      0516-1254 extendvg: Changing the PVID in the ODM.
      0516-1162 extendvg: Warning, The Physical Partition Size of 512 requires the
              creation of 1140 partitions for hdisk4.  The limitation for volume group
              VGname is 1016 physical partitions per physical volume.  Use chvg command
              with -t option to attempt to change the maximum Physical Partitions per
              Physical volume for this volume group.

Is yes, read more :-)