The main mineral resource known on the continent is coal. It was first recorded near the Beardmore Glacier by Frank Wild on the Nimrod Expedition, and now low-grade coal is known across many parts of the Transantarctic Mountains. The Prince Charles Mountains contain significant deposits of iron ore. The most valuable resources of Antarctica lie offshore, namely the oil and natural gas fields found in the Ross Sea in 1973. Exploitation of all mineral resources is banned until 2048 by the Protocol on Environmental Protection to the Antarctic Treaty.
Although coal, hydrocarbons, iron ore, platinum, copper, chromium, nickel, gold and other minerals have been found, they have not been in large enough quantities to exploit. The 1991 Protocol on Environmental Protection to the Antarctic Treaty also restricts a struggle for resources. In 1998, a compromise agreement was reached to place an indefinite ban on mining, to be reviewed in 2048, further limiting economic development and exploitation. The primary economic activity is the capture and offshore trading of fish. Antarctic fisheries in 2000–01 reported landing 112,934 tonnes.