It looks like mostly surface rust so I would try sanding it first. I found a Dremmel with a burring accessory bit is great for getting out pitted rust and into seams and grooves. Then I would get some epoxy primer on it asap.
I have only just registered but I have been reading this forum for months. What a great forum it is. I don't have a Mini but came across the forum whilst googling and have learned so much. The resto threads are truly inspirational.
Edited by castafiore, 15 June 2014 - 10:15 AM.