A fuel cycle economic study has been made for a 315Mwe graphite- moderated slightly enriched fused-salt reactor. Fuel cycle costs of less than 1.5 mills may be possible for such reactors operating on a ten-year cycle even when the fuel is discarded at the end of the cycle. Recovery of the uranium and plutonium at the end of the cycle reduces the fuel cycle costs to approximates 1 mill/kwh. Changes in the waste storage cost, reprocessing cost or salt inventory have a relatively minor effect on fuel cycle costs. (auth)