Yep, nice summary.
Although this is a set-back for share holders, I'm certainly not overly disapointed. The project is exceptionally robust and the return will be huge. EQN are being VERY conservative in everthing they do. No provision for Cobalt or Uranium credits (credits? - Uranium is going be worth a LOT of $$$ to EQN). Big possibility of capital costs coming in lower than they've just disclosed.
I doubt they'll have ANY trouble raising the extra debt required for the finance - and I don't think it'll involve excessive hedging either.
They can always recover some costs over the next 2 years by spinning off their Uranium assets - that would attract a significant number of investing dollars, however I'd prefer they developed this themselves as it would diversify them away from Copper a little.
The wave of frustration caused by yesterday's announcement will be long forgotten when EQN are upwards of $6 and pulling in over a billion USD in profit per year from 2008.
Persuader
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