Make a spice paste by adding the lemongrass, garlic, serranos, shallots, ginger, cinnamon, turmeric, and salt to a food processor and pulsing until a paste is formed, set aside.
Heat the peanut oil in a dutch oven over medium-high heat. Add the spice paste to the dutch oven and cook, while stirring, until fragrant, about 2 minutes.
Add the beef and coconut milk to the dutch oven and stir to combine. Bring to a boil then cover the dutch oven and reduce the heat to medium-low. Simmer, covered, for 2 hours or until beef is tender.
While the beef cooks heat a small dry skillet over medium heat. Add the shredded coconut and toast, stirring often, until lightly browned, about 30 seconds. Transfer toasted coconut to a small bowl and set aside.
When the beef is tender remove the lid from the dutch oven and stir in the toasted coconut and lime juice. Increase heat to medium and continue cooking uncovered, stirring often, until most of the liquid has evaporated, 30 to 45 minutes. Season with a little extra salt if needed.
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