Correct. The problem is that the fuel cycle involves stages where you have large amounts of plutonium sitting around for long periods of time.

Ironically enough, it's also mastery of that fuel cycle that enables the neutralization of weapons-grade material. France has mastered this cycle, and they're one of a few nations who are capable of reprocessing nuclear weapon primaries.

We (Britain) built the THORP plant to reprocess into mixed oxide fuel. It was billions over budget, seemingly difficult to operate without causing a stream of minor nuclear accidents, and was never commercially successful. We closed it. Carter-era politics is the least of the problems...

Also, breeder reactors.