Anglo American PLC and its unit Kumba Iron Ore Ltd. have signed an agreement with African mining explorer Ferrex PLC to finance exploration at the Mebaga iron ore project in Gabon for 2 years.

Anglo which owns nearly 70 percent of Kumba Iron Ore aims to stir up its dwindling iron ore business, which has been suffering from BHP Billiton and Rio Tinto competition, according to a Wall Street Journal exposé.

The global mining company could move to fully buy out Ferrex stake of Mebaga in plans to restore its production to full capacity.

Ferrex’s Managing Director Dave Reeves said the full terms of condition would be disclosed in February of 2014, after due diligence would have been completed.

The deal is still subject to approval by board of directors from both groups and the Gabonese government, according to WSJ.