No Antarctic Treaty

So, basically Antarctica becomes exploitable. Is there any way it could be exploited for economic gain (what raw materials etc.? I recall oil...), military uses, etc. Is large scale colonisation really viable in such harsh conditions? What are the environmental drawbacks? Hypothetically, are Antarctic prison camps viable or just a waste of taxpayers' money/government funds?

Also, how is it likely to happen? Who has plans to do this sort of thing? Even without the treaty, is anyone really interested?
 
I'd imagine the US would land troops in the unclaimed parts and demand its allies do in their parts just to cement their hold with paranoia over a soviet claim.
 
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