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Remove label from the unopened can of condensed milk. Fill a deep medium saucepan with water. Bring to the boil. Carefully place the can in the saucepan, ensuring there’s enough water to completely cover the can at all times, topping up water frequently throughout the cooking process. Simmer, uncovered for 3 hours.
Ensure the can is completely covered with water at all times during cooking.
Carefully remove the can from the boiling water. Allow to cool completely before opening and using as a caramel spread or dip.