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It's a breather for the engine,someone probably removed it to do the steady bushes before and didn't bother putting it back on as it's awkward to put back on
What is actually missing ( I think) is a stud with a nut and washer. Because its going into alloy the thread on the bottom of the stud will be different from the one you see on top. It will be a UNC thread. You can replace the stud with a UNC bolt.