@lucadeltodecso response is compatible with how @Zouls has summarised the entire regeneration process - and how it also works.
Resources will continue to regenerate within that biome as they’re mined.
Additionally (for @zouls):
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The world regen and resource regen can run at different frequencies. This would allow a mine in a biome to “dry up” or “become exhausted” and encourage the players to continuously explore for new regions to mine. But the resources would eventually recover.
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We have a global control over the resource regen rate, this allows us to slow down or speed up the generosity of the regen to help control the economy of the game.
It’s basically triple genius!