That shot of Aragorn, Legolas, and Gimli running across a field probably also cost a fortune.
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Actors' pay rates, which for these well-known actors would be fairly high. (Multiply this by several times if you want to do multiple takes.)
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Costumes, makeup, hairdressing, backup costumes in case something breaks.
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It's an airborne shot, so you'll need a helicopter or high-end drone and a pilot for it.
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Camera purchase/rental.
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Paying for the composer of the musical score.
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Previous location scouting trip all over NZ.
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Possibly had to pay someone money in order to get permission to film here.
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Director and other associated film crew's pay rates.
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Transportation and support crew; catering; medical on standby; etc.
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And for each of the above, add transportation to NZ, or factor in paying premium prices to find a local option.
Overall, probably still a cheaper shot than the CGI shot. (Especially since some of these expenses would be shared with every other shot in the movie.) But still, I'm sure this was not a cheap shot to produce, actually. And it still cost 'a fortune' to make that shot.