Source: seed-costa-rican
Heat the oil in a large heavy-bottomed frying pan over medium-high heat and brown the minced beef, breaking it into small pieces as it cooks, approximately 5 minutes. Add the diced onion, garlic, and red capsicum, then sauté for 3-4 minutes until softened. Stir in the tomato paste and cumin, cooking for 1 minute to release the flavours. Add the tinned tomatoes, beef stock, olives, and raisins, then season with salt and pepper. Bring to a simmer and add the diced potatoes, stirring to combine. Reduce heat to medium-low and simmer uncovered for 20-25 minutes until the potatoes are tender and the sauce has thickened, stirring occasionally. The picadillo should be rich and slightly chunky with the potatoes breaking down slightly.
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