The tribe also expects to get the bed of Lake Rotokura, which lies at the foot of Mount Ruapehu near Ohakune, and it wants a bigger role in the health and wellbeing of the Whangaehu River.
Ngāti Rangi is already involved in fencing and planting 60km of the river, using $450,000 of its own money. It would like its links with the river recognised in a similar way to those of Whanganui iwi with the Whanganui River.
On the land, Ngāti Rangi wants to work with the Conservation Department on decisions affecting its rohe (area), and members want the ability to take stone from Mount Ruapehu and its rivers.
Defence Force land near Waiouru is to be returned to the iwi, and symbolically given back to the force.
The lead negotiator for Ngāti Rangi, Che Wilson, has said the tribe wants partnership, reconciliation and recognition from the Crown. It hopes the settlement will bring a healthier environment, and prosperity and wellbeing for its people.
The signing is likely to create a new entity, Te Totarahoe o Paerangi, to manage the settlement and the iwi's affairs.
Che Wilson, Shar Amner, Cassandra Reid, Carl Wilson, Toni Waho and Kemp Dryden were the tribe's negotiators. The negotiations have taken two years.