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The concept of this so-called "TerraPower reactor" is that you, in the same reactor, you both burn and breed. So, instead of making plutonium and then extracting it, we take uranium - the 99.3 percent that you normally don't do anything with - we convert that, and we burn it.

"Bill Gates’ Plutonium Pipe Dream: Convert Mountains of Depleted Uranium at Paducah to Power Earth for Centuries". "EnviroNews DC News Bureau" with Josh Cunnings, www.environews.tv. March 14, 2016.
The concept of this so-called TerraPower reactor is that you, in the same reactor, you both burn and breed. So, instead of making plutonium and then extracting it, we take uranium - the 99.3 percent that you normally