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Peat mining is known to damage the natural habitat of wildlife and unlock the carbon stored in the land.
This has caused the government to take steps to reduce the UKs carbon footprint by encouraging companies to stop extraction at various sites.
According to the Royal Horticultural Society (RHS), Natural England has struck a deal that will see compost manufacturer William Sinclair phase out its activities at a site in Cumbria over the next three years.
It will slowly wind down its mining at the Bolton Fell Moss facility in return for an initial compensation payment of £9 million.
As part of the deal, William Sinclair will also work to restore the area as a natural habitat for wildlife, which may go some way to reversing the damage caused by more than five decades of peat extraction.
Natural England has previously convinced Scott UK to cease its mining activities at three separate raised lowland bog sites.
Meanwhile, the RHS recently paid its respects to the late garden and greenhouse expert Roger Aylett, who died last month aged 76.