It's a timing belt conversion - instead of a chain! My advice - get rid of it. It will sell on ebay - and you will have a nice reliable virtually unbreakable chain drive for your camshaft. These belt conversions are plagued with oil leaks/belt snapping - but still the Mini lads like them!!
Some years ago the kits were being sold as the best thing since sliced bread. The instructions stated that the belt should be changed every 30,000 miles or three years, whichever was the sooner. Contrast that to a chain that runs until the engines dies. It may get noisy, but will last forty years without attention.