Meet Fidel's Favorite Capitalist

Ian W. Delaney, chairman of Canada's Sherritt Inc., is probably the only North American CEO who displays in his office a photo of his family with Cuban leader Fidel Castro. It's a fitting tribute to a relationship so close that Delaney is arguably Castro's best-loved capitalist. "Sherritt does business all over the world, but Cuba is my favorite," says Delaney, 51, adding that he is always warmly welcomed in Castro's offices near the Plaza de la Revolucin.

No wonder. Since Delaney's first meeting with Castro in 1991, Sherritt has become Cuba's largest foreign investor and a linchpin in Castro's plans to rebuild his economy. Now Cuba's largest oil producer, Sherritt is exploring for "very large" oil reserves there, Delaney says. In December, he also set up a joint venture with Cuba's General Nickel Co. to mine, refine, and market the island's rich nickel and cobalt reserves. The venture, which earned $14.3 million on sales of $131 million in its first quarter of operation, could become "a world leader," Delaney says.