In my project "Microsoft Internet Controls" referenced to: C:\Windows\SysWOW64\ieframe.dll and code below works properly.
Option Explicit
Sub dsadas()
Dim ie As InternetExplorer
Set ie = New InternetExplorer
ie.Navigate "http://www.codeproject.com/Questions/238339/Internet-Explorer-9-and-Excel-VBA"
ie.Visible = True
Set ie = Nothing
End Sub