This year's ski season - and a decade's worth more - will go ahead at Tūroa, the government confirmed on Saturday, granting Pure Tūroa Limited (PTL) a 10-year concession to operate the ski-field.
It follows the government's warning last month that a $7 million bailout for the field's previous operator, Ruapehu Alpine Lifts (RAL), would be its last.
"The concession means the public can continue to enjoy the recreational benefits available in the Tongariro National Park - one of the most majestic places in the country - for years to come," Conservation Minister Tama Potaka said in a statement on Saturday.
"The 10-year concession allows for outstanding Treaty settlement negotiations to unfold and gives greater protection to iwi and hapū interests and responsibilities, including the future park negotiations, whilst ensuring the continued operation of the ski-field."
The announcement came after a four-month process run by the Department of Conservation, involving public consultation and engagement with iwi.
"The summits of all maunga in Tongariro National Park are especially important for the iwi and hapū as well as all New Zealanders," Potaka said.
"That's why PTL's concession includes provisions for the Department of Conservation to carry out enhanced monitoring and a three-year review to ensure the field is operating effectively and in a way that benefits everyone."
RAL will surrender its concession to PTL, while Whakapapa ski-field remained under the ongoing management of RAL's receivers.
Ruapehu Skifield Stakeholders Association earlier put forward a proposal to run Whakapapa and Tūroa together as a not-for-profit, using crowdfunding and having iwi on board. But the Ministry of Business, Innovation and Employment did not engage with the idea.
As of March, RAL had received five bailouts from the taxpayer.