The tender will see Schlam continue to supply dump bodies to BHP West Australia Iron Ore (WAIO) sites and BHP Mitsubishi Alliance (BMA) sites in Queensland and New South Wales with its world-class trays.
The Hercules was selected due to its lightweight design and durability.
"Our engineering team was challenged by their counterparts at BHP to push the limits of the Hercules' design to lower its already light weight and increase payload further," Schlam CEO Matt Thomas said.
"This resulted in the development of a new Hercules design that is 20% lighter than other already class-leading Hercules models and is maintenance-free with up to six years of service life due to steel innovations."
The contract gives Schlam confidence to push ahead with its national and international expansion plans in both the product and service side of the business.
Thomas said that the award would see Schlam transform its manufacturing processes utilising the latest technology and robotics, redefining the production methodology for the business.
"We are delivering on our promise to make mining equipment more productive," he said.
"Supplying the highest quality buckets and bodies in parallel with the talent we provide through our mechanical and fabrication services division, the business is going from strength to strength.
"As we edge closer to the end of 2021, the outlook for Schlam has never looked better."