[en] A preliminary approach that values nuclear reactor generated spent fuel is developed and applied in this report. There is no intent to assess the merits of reprocessing and recycling but rather to outline a procedure that may provide a basis for international negotiations on nation-to-nation spent fuel transfer. The valuation procedure described estimates the net present discounted value (PDV) of the benefit incurred when the reprocessed plutonium and uranium contained in the spent fuel are recycled, less the PDV of the stream of costs associated with transporting, storing, and reprocessing the spent fuel and fabricating, storing, and safeguarding the new mixed oxide fuel (MOX). The parameters that affect the net PDV most strongly are the discount rate, yellowcake prices, reprocessing costs, timing of recycle or disposal, and, to a lesser extent, enrichment costs