Place shanks in baking dish, brush with oil, bake, uncovered, in hot oven about 25 mins or until well browned. Drain on paper towel.
Combine shanks and water in pan, simmer, uncovered, 30 mins. Remove shanks from pan, reserve 5 cups cooking liquid. Remove meat from bones, chop meat and reserve; discard bones.
Heat butter in pan, add herbs, shallots and mushrooms, cook, stirring until mushrooms are soft. Add flour, cook, stirring, until combined. Remove from heat, gradually stir in reserved cooking liquid, carrot and rice, simmer, partly covered, about 10 mins or until rice is tender.
Add reserved meat, spinach and juice, stir until spinach is just wilted and soup is heated through.
Your Lamb Shanks and Rice Soup is ready. Happy cooking!
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