Iamgold obtains $140 million credit facility

(In U.S. dollars, unless noted)

TORONTO, April 28 (Reuters) - Iamgold (IMG.TO: Quote, Profile, Research) said on Monday it had arranged a $140 million five-year revolving credit facility with a bank syndicate led by Scotia Capital and Societe Generale.

Iamgold, a Toronto-based mid-tier gold producer, said in a release it would use the funds to achieve its goal of doubling its gold production and cutting its cash costs to below the industry's average within the next five years.

The company has a cash/bullion position of more than $200 million, it said.

Iamgold produced 965,000 ounces last year and at average cash cost of $423 an ounce.

The company owns interests in mines in Canada, Botswana, Suriname, Mali, and Ghana. It also owns the Quimsacocha property in Ecuador, where a government review of mining concessions and exploration rights has raised fears that companies could lose some of their assets.

Its stock was up 6 Canadian cents at C$5.99 on the Toronto Stock Exchange on Monday morning.

($1=$1.02 Canadian) (Reporting by Cameron French; editing by Rob Wilson)