Any company wanting to mine the sea floor would have to pay a big chunk of the profits into a UN fund that would be distributed to all the mismanaged American hating third world countries of the world.
This is the fourth or fifth time I've seen references to undersea mining on this topic. Maybe you mean drilling for oil.
I'm a mining jounalist and even if the technology existed to extract minerals from the ocean floor it would be economically unfeasible. It's hard enough to raise financing for land based resources close to infrastructure even during a period of high commodity prices.
Your summation is dead on target and exactly why this treaty needs to be brought before the senate, and VOTED DOWN by the critters. As long as no vote is held, this treaty will sit out there and wait for a midnight Christmas-Eve session for it to be passed my voice vote when there are 3 senators present.