Interop assemblies (including ActiveX Control wrapper assemblies) generated by the IDE are kept in a separate folder called COMImports, underneath your project. Each generated assembly will have its 'Copy Local' property set, meaning that when the project is built, the assembly will be copied to the folder where the final build target of the project is kept. The exceptions to this rule are primary interop assemblies, which are deployed in the GAC. When you add a reference to a primary interop assembly, the IDE will not copy the assembly to the COMImports folder. The assembly will still be shown in the Project Manager, however, if you right click on it to display its properties, you will notice that the 'Copy Local' setting is turned off.
The list of referenced assemblies (including those that are not interop assemblies) is an attribute of your project. If the COMImports folder (or one of the interop assemblies contained therein) does not exist when you open a project, the IDE will attempt to recreate it. If the IDE cannot create an interop assembly, it will still be shown as a referenced assembly in the Project Manager; the IDE will highlight such an assembly so that you know it currently does not exist (or is not registered) on the machine.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.