Magnesium
If it truly is magnesiun it is rare and consumable. They corrode badly inside the water pump housing.
Have Larry Machine it out (mildly dangerous), build it back up with Weld (Very Dangerous) and then have it recoated and you will be back in business.
I had one and sold it when I realized that while it was repairable it was not worth it unless it is part of an SPS or something similiar.
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