Place the coconut chunks and 2 cups of hot water in a high speed blender.
16 Ounces Coconut chunks
Blend for about 3 minutes until you get a rich coconut milk.
Strain the coconut milk using a cheese cloth. Reserve this "first milk" and the pulp.
Return the pulp to the blender and add the other 2 cups of hot water. Blend well and strain with the cheese cloth to get the "second milk".
Add the "first milk" to a heavy bottom pan, add the panela (raw sugar cane) and bring to a boil. Let it reduce for about 25-30 minutes over medium-high heat keeping an eye on it and stirring constantly. You don't want to burn the coconut caramel.
Add the rice to the caramelized coconut milk and coat the rice well.
Add the salt and second milk and stir well. Cook uncovered for 5 minutes over medium-high heat.
Cover the rice and cook for about 15-20 minutes.
Fluff the rice and serve.