I'm fairly certain there would be major mining, commercial fishing, and oil drilling operations in Antarctica today it weren't for the Antarctic Treaty. (Also, wars.) It's a geopolitical accident that everything worked out so well with the treaty. I doubt it will hold forever.
Perhaps you're forgetting that the initial detailed resource assessment (exploratory drilling etc.) is also prohibited, which stops investment from getting a foothold.
(I spent a lot of time down there)
Edit: thinking a bit more... Why do you say the treaty isn't enforced? I've been under federal investigation for what some people thought was a violation of the Antarctic Conservation Act (US law enforcing the treaty). I don't think anyone has ever been charged under that law so you could be right, but I was scared and I assure you people take the ACA seriously.
Thanks for your thoughtful reply. Yes indeed the treaties prevent "privateer" operations. They don't prevent major nation state level economic operations backed by millitary force it one decides it needs the resources. You can see some of this playing out in Ukraine, South China Sea etc. This is even true for large scale private organisations Vs smaller countries though setting aside Antarctic treaty will require more millitary might - see squid fishing off Chile or drug cartel control of central America as examples.
Your argument seems to be "treaties between nations are violated whenever it becomes expedient." This might be true in some cases, but I think a the Antarctic Treaty is a great counterexample.
Do you know about the overlapping territorial wedge claims in Antarctica and how they were suspended by the treaty? If not I think you would find it quite interesting.
While it looks like there are resources (oil, gas and coal being mentioned) it does not seem they have been mined before the current treaty cam into effect, most likely due to the 19/early 20 century technology.
But there certainly were substantial whaling stations in Antarctica for a while, with quite a lot of people & much more primitive technology compared to what we have now.
Perhaps you're forgetting that the initial detailed resource assessment (exploratory drilling etc.) is also prohibited, which stops investment from getting a foothold.
(I spent a lot of time down there)
Edit: thinking a bit more... Why do you say the treaty isn't enforced? I've been under federal investigation for what some people thought was a violation of the Antarctic Conservation Act (US law enforcing the treaty). I don't think anyone has ever been charged under that law so you could be right, but I was scared and I assure you people take the ACA seriously.