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Police said the accident happened around 1.30pm on Saturday near the Bonar Glacier.
The skier got into difficulty, fell on the slope and died.
Another skier with the man at the time attempted to gave first aid.
Staff from the rescue coordination centre rushed to the scene after being advised of a beacon activation just after 1.30pm.
Search and Rescue teams assisted police with efforts to locate the skiers.
Police were in the process of locating the man's family - and emergency services remained on site.
The tragedy was the second mountain death on Saturday. It came just 20 minutes before another man died after falling into Crater Lake at Mount Ruapehu, in the North Island.
Emergency services flew to the scene of the accident about 1.50pm.
The climber's body had already been retrieved from the lake by members of the climbing group he was part of, when emergency services arrived.
Police said in a statement the man's death would be referred to the Coroner.