A new nuclear fuel cycle is described which provides a long term supply of nuclear fuel for the thermal LWR nuclear power reactors and eliminates the need for long-term storage of radioactive waste. Fissile fuel is produced by the Spallator which depends on the production of spallation neutrons by the interaction of high energy (1 to 2 GeV) protons on a heavy metal target. The neutrons are absorbed in a surrounding natural uranium or thorium blanket in which fissile Pu-239 or U-233 is produced. Advances in linear accelerator technology makes it possible to design and construct a high beam current continuous wave proton linac for production purposes. The target is similar to a sub-critical reactor and produces heat which is converted to electricity for supplying the linac. The Spallator is a self-sufficient fuel producer, which can compete with the fast breeder. The APEX fuel cycle depends on recycling the transuranics and long-lived fission products while extracting the stable and short-lived fission products when reprocessing the fuel. Transmutation and decay within the fuel cycle and decay of the short-lived fission products external to the fuel cycle eliminates the need for long-term geological age storage of fission product waste.