The ideal repair is to have it welded as others have advised.
However, if you were in the scenario where that were not possible & also a very careful, competent craftsman, you could drill to make it a 'through' hole (final size Ø6.8 mm) & tap M8 to take a longer stud. I have known such a repair last years as the long stud was Loctited into place, was absolutely central/perpendicular & was also built up in the area of the missing alloy with a good epoxy such as Araldite.
I'm only suggesting a non preferred option because I've had to resort to such measures in the past when my only means of transport was the one Lambretta....
