Lydiard Street may not reopen to traffic until March at the very earliest, as discussions and investigations into the train gates continue.
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The heritage gates were destroyed in a train accident in May, when a V/Line train to Wendouree failed to stop at the station.
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A root cause analysis of the accident found the primary cause was traction between the wheels and the track, causing the train to continue through the level crossing at 93km/h.
The wooden gates were controlled with video cameras sending footage to a control room - they were first installed in 1885.
Acting V/Line chief executive Gary Liddle said he was waiting for a full report from the Australian Transport Safety Bureau, after an interim report was released in September.
"Our priority's getting a safe outcome, and we need to work through with Heritage Victoria and all the regulators and safety investigators about what the best way of opening (is)," he said.
"We're very close to making a decision in the new year ... within the first two or three months next year we'll have it absolutely locked away."
While he would not speculate on what the final decision will be, he said work was being done "across the network" to ensure similar accidents do not occur.
State Public Transport Minister Ben Carroll said he will also "have more to say in the new year".
"I want to thank the community for their patience, safety will come first," he said.
"At the moment, the ATSB are still to submit their final report and I don't want to speculate on that, but I'm very cognisant ... the community wants to see some action."
City of Ballarat councillors have voted to support the reinstatement of the Ballarat heritage railway gates on Lydiard Street if it is safe to do so.
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