There are 20 nuclear reactors operating in Korea and four more are under construction. The spent nuclear fuel and radioactive wastes will be accumulated and an effective management must be introduced. In Korea, pyro-processing and Direct Use of spent PWR fuel In CANDU (DUPIC) are drawing attentions of many researchers and policy makers. However, cost comparison studies of each or both options against the direct disposal have not been adequately conducted. Therefore, the purpose of this study is to compare the fuel cycle strategy in cost terms. Based on mass balance of the Heavy Metal, cost of each process in the fuel cycle was considered. It was found that the pyro-processing-only cannot win against the direct disposal, but it can be compensated by adding DUPIC. Pyro-processing with DUPIC was cheaper by 925 MS than the direct disposal. Further time-considered analysis will supplement this work with reasonable basis. (c) 2010 Elsevier Ltd. All rights reserved.