2013.04.1602:05:15UTC+00Australian stocks slump as miners backslide

Australia stocks skid on Tuesday action, entering a second straight session of drops with mining stocks under pressure as metals prices decrease on global growth concerns. The S&P/ASX 200 gave up 54 points, or 1.1%, to 4,914.00 in early action. Shares of gold miner Newcrest Mining Ltd. relinquished 7.9% and Evolution Mining Ltd. sharply dropped 16% after June gold futures on Monday sank 9.3%. Mining heavyweight BHP Billiton Ltd. shares plunged 2.9% and Rio Tinto Ltd. surrendered 2.4% ahead of the release of the company's first-quarter operations report. The benchmark on Monday moved 0.9% back after weaker-than-expected economic data from China, Australia's top trading partner. The commodities-sensitive Australian dollar traded at $1.0327, slightly surge from $1.0313 late Monday. Investors will look for minutes due later Tuesday from the Australian central bank's meeting earlier this month, at which the key interest rate was held at 3%.