The contract is for bulk earthworks and roads.
BGC Contracting will deliver infrastructure, including the construction of the permanent accommodation village earthworks and access road, an RFDS airstrip and a 16km-long construction access road.
Work is already underway and expected to take about six months.
BGC Contracting CEO Greg Heylen said the Eliwana contract was a major achievement for the company's diversification strategy and allowed it to extend its expertise in the mining construction sector.
"We look forward to working with Fortescue in the delivery of this project in the resources sector," he said.
"There has been a real increase in resource sector and construction opportunities, particularly in Western Australia and Queensland, and we look forward to this next phase in our growth strategy."
Last month, BGC Contracting won a $30 million contract for Northern Star Resources Ramone open pit in WA.
In March, it was announced parent company BGC had appointed Macquarie Capital to explore a number of options for BGC Contracting including a possible sale, divestment of parts of the business and/or alternate operating models or structures.