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Looks like a radiator hose clamp broke and the rust is because some of newer antifreeze is pretty corrosive. Your coolant level might be low. The hose will have to removed to place a new clamp on the hose.
If this was my car I'd probably inspect the hose and if is soft or bulging I'd probably replace the hose and have the radiator and cooling system flushed. My Camaro will be nine years old this September so mine could stand being flushed.
You can replace the clamp and top off the coolant which would be the cheapest route.
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