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Preheat the oven to 350º Fahrenheit (175º Celsius)
Season the lamb shanks on all sides with salt and pepper. Heat 1 tbsp oil in a large pan on medium high heat and sear the shanks on all sides (approx 8 minutes). Once seared, set aside on a plate.
Add the garlic, onion, celery and carrot to the pan and saute for 5 minutes until the vegetables begin to soften.
Add the balsamic vinegar, tomato paste, beef stock, thyme, bay leaves, salt and pepper to the pan and give everything a stir. Bring to a gentle simmer. Once simmering return the lamb shanks to the pan and spoon some of the sauce overtop. Cover with a lid and cook in the oven for an 1 1/2 hours.
After 1 1/2 hours of cooking, flip the shanks over and return to the oven to cook for 1 more hour, but with the lid off (this will brown the shanks and help the sauce to thicken).
After a total of 2 1/2 hours in the oven, the lamb shanks should be fall apart tender. Serve them with veggies or mash and lots of the sauce poured overtop.