I found this recently, and am just going to give it a go this weekend.
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Peel the beetroot and cut into matchsticks. Heat the oil in a wok or saucepan, then add the mustard seeds. As soon as they begin to jump, add the onion, garlic and chillies and fry until the onion is tender. Add the remaining spices and beetroot; fry for a further 1-2 minutes. Add the tomatoes, 250ml water and a pinch of salt.
Leave to simmer for 15-20 minutes, stirring occasionally, until the beetroot is tender. Stir in the coconut milk, and let it simmer for another 1-2 minutes, until the sauce has thickened. Stir in the lime juice, taste, adjust the seasoning and serve.