1. Preheat oven to 325 degrees F.
2. Trim any excess fat from the meat and pat dry with paper towels. Season lightly with salt and pepper.
3. In a large flameproof casserole, heat 3 Tbsp. Of the olive oil over moderate heat. Add the lamb in 2 or 3 batches and cook, turning, until browned all over, 5 to 7 min. Per batch. As it browns, remove the meat to a plate.
4. Pour the wine into the pan and bring to a boil, scraping up any brown bits from the bottom of the pan with a wooden spoon. Add the onions, stock, soy sauce, bay leaves, paprika, thyme, tomato, lemon juice, and mint. Bring to a boil. Return the lamb to the casserole along with any juices that have collected on the plate. Cover and transfer to the oven. Bake 45 min., or until the lamb and onions are tender.
5. Meanwhile, in a large skillet, heat the remaining 1 Tbsp. Olive oil. Add the bell peppers and saute over moderately high heat, stirring frequently, until they are crisp-tender, about 4 min. If you make the stew ahead, set a side the lamb and peppers separately.
6. To serve, reheat the lamb ragout if necessary. Remove and discard the bay leaf. Stir in the peppers and transfer to a deep platter or large shallow serving bowl. Sprinkle the fresh basil over the top.
7. This stew reheats nicely after a day or two in the refrigerator. Stored in a tightly closed container, it can be frozen for up to 6 months, but it will be better if you can add the peppers at the end.
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