New mining of rare earths by Western companies is likely to create a surplus of supply by 2013, the Wall Street Journal reported, citing research by Goldman Sachs (GS.NYSE) published on Thursday. Strong demand for rare earth elements, the collective name for 17 elements commonly used in high-tech devices, has driven up prices more than tenfold since 2009 and enriched the Chinese firms that now account for 90% of global rare earth production. Goldman Sachs analyst Malcolm Southwood, however, said the price boom is nearing its end. The report said that the supply deficit will peak at 18,734 tons this year before the market slips into a slight surplus in 2013. Prices will likely continue to rise initially, but may moderate by 2015. China cut its export quotas for rare earths by 40% in 2010, sending prices soaring to an average of US$162.66 per kilo, up from just US$10.32 per kilo in 2009.