It was already done in the past
WURM online is a MMO that's pretty much same game than LiF on building & terraforming & crafting matters. Worlds are very massive, so there's plenty of space, and also, EVERYTHING regenerates with time
rock and minerals are regenerated by cavins, sand in regenerated near major water bodies (oceans most of the time), and terrain regains its natural look thanks to random terraforming events in unpopulated area, and regrowth of trees, plants, and repopulation of animals. LiF will be a bit different in that matter
the only ressource that will regenerate will be rock.