Combine all ingredients into a sauce pan and bring to a quick simmer.
Reduce to medium low and cover for 15-20 minutes. You'll want to stir frequently to keep it from sticking to the pan.
The longer you let this simmer, the more flavor you get in the sauce. If you aren't rushed and have at least 25-35 minutes, add an extra ¼ cup (125 ml) of beef stock to the mixture at the beginning, then simmer 25-35 minutes or until the desired consistency is achieved.