The paper discloses that geological faults and phenomena associated therewith are the main risks of mining. The phenomena of fault activity and specific features of near-fault zones, determining their impact on the stability of mine workings and other man-made objects are discussed in detail. Different sections of faults are classified according to the degree and types of risk. The main attention is paid to the most stressed zones, where the fault is a closely spaced crack in the rock, characterized by specific strength and rock-bump hazard effect. The paper discloses that although mining operations change the stress-strain state of the massif, nonetheless, most of hazardous situations and geodynamic phenomena during excavation occur in tectonically stressed zones that already existed in the massif. In these areas, man-made overload during mining results to the formation of extremely stressed geodynamically hazardous zones. Thus, geodynamic zoning, which includes the identification of faults and block structure, assessment of their activity, as well as reconstruction of the stress-strain state of both the blocks and the near-fault zones, is the key method for assessing risks of geodynamic phenomena.