Getting the absolute position of a point in ARKit

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When I tap a particular point in an ARKit scene, I get the X, Y, and Z coordinates of the point relative to the position of my device (Am I right?) I'd like to know the absolute position of the point on earth, not just relative to my device.

So far, my logic is to get the longitude, latitude, altitude, heading (compass direction), and attitude (rotation) of the device and calculate the absolute position of the point based on that.

Wondering if there is a simpler way than that.

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